PURE Bioscience, Inc. announced a private placement financing of 23,333,332 shares common stock at a purchase price of $0.15 per share for gross proceeds of $3.5 million on July 15, 2022. The transaction included participation from Tom Y. Lee, Chief Executive Officer and a member of the company's board of directors for $3,261,250 through his affiliates and Ivan Chen, member of the board for $45,000 and David Rendall, member of the board for $48,750.The transaction has been approved by board of directors of the company. The issuance and sale of the Shares was not registered under the Securities Act of 1933, as amended and these shares may not be offered or sold in the United States absent registration under or exemption from the Securities Act and any applicable state securities laws.

The Shares were issued and sold in reliance upon an exemption from registration afforded by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act.