| On June 23, 2020, NuGenerex Immuno-Oncology, Inc. (“NGIO”) entered into a term sheet (“Term Sheet”) with an institutional accredited investor (the “Investor”) pursuant to which the Investor committed to purchase up to $50,000,000 (the “Maximum Amount”) of NGIO’s common stock (the “Financing”), subject to mutual agreement of final documentation between NGIO and Investor (“Purchase Agreement”). NGIO anticipates closing the final documentation within the next 7 to 10 business days. If a Purchase Agreement is signed, then upon filing and effectiveness of NGIO’s Registration Statement on Form S-1 and provided other closing conditions are met, from time to time over the term of the Purchase Agreement, NGIO shall have the right, but not the obligation, to direct the Investor to purchase shares of NGIO’s common stock without a discount (the “Put Shares”). In addition to filing a Form S-1 for this Financing transaction with Investor, NGIO intends to submit an application to NASDAQ for listing and file an “IPO” Registration Statement on Form S-1 to get NGIO’s going concern off, which this Financing will support such NASDAQ listing. A copy of the Term Sheet is attached to this report as Exhibit 99.1 and is incorporated by reference herein. |
