PharmaCyte Biotech, Inc. announced that it has entered into a securities purchase agreement with certain accredited investors to issue and aggregate of 35,000 series B convertible preferred stock at a price of $1000 per share for the gross proceeds of $35 million on May 9, 2023. The shares can be converted into up to 8,750,000 shares of the company's common stock, at a conversion price of $4.00 per share, and warrants to acquire up to an aggregate of 8,750,000 shares of common stock at an exercise price of $4 per share and expire five years from the date of issuance. As a part of transaction, the company has agreed to pay the placement agent a cash fee equal to 6% of the gross proceeds from any sale of securities in the private placement.

The private placement is exempt from the registration requirements of the securities act pursuant to the exemption for transactions by an issuer not involving any public offering under section 4(a)(2) of the securities act of 1933, as amended (the “Securities Act”) and Rule 506 of Regulation D of the Securities Act.