PetVivo announces investor exercise of purchase option

PetVivo (PETV) Holdings and its wholly-owned subsidiary PetVivo Animal Health announced that the Company has recently received $3,000,000 pursuant to a partial exercise of a purchase option granted to the investor as part of an offering to receive $5,000,000 of equity financing in exchange for 5M shares of Series B Convertible Preferred Stock; pursuant to the Offering, the purchase price for one Share of Series B Convertible Preferred Stock is $1.00 and the conversion rate is one Share of Series B Convertible Preferred Stock for one share of Company common stock. The Company has previously received an aggregate total of $1,000,000 of the Offering prior to the current Purchase Option exercise for a total received to date of $4,000,000. An additional $1,000,000 of the Purchase Option remains for exercise at the investor’s discretion pursuant to the terms and conditions of the subscription agreement of the Offering. It is anticipated the remaining $1,000,000 of the Purchase Option will be received by the Company on or before June 26. The proceeds from this Offering are earmarked to assist the Company in the commercialization of its signature products, SPRYNG with OsteoCushion Technology and Precise PRP.