UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry into a Material Definitive Agreement.
Convertible Note Extension
In January and March 2023, INVO Bioscience, Inc., a Nevada corporation (the “Company”) issued $410,000 of convertible notes (the “Convertible Notes”) with an initial maturity date of December 31, 2023 (the “Offering”), which was subsequently extended to June 30, 2024 as of December 27, 2023 (the “First Extension”). The Convertible Notes have a fixed conversion price that was reduced to $2.25 in the First Extension. In the Offering, the Company also issued 5-year warrants (the “Warrants”) to purchase 19,375 shares of Common Stock at an initial exercise price of $20.00, which was reduced to $2.25 in the First Extension.
The Convertible Notes may be amended with the written consent of the Company and the holders of a majority of the outstanding principal of the Convertible Notes (the “Required Holders”); provided that, no such amendment, without the written consent of each Convertible Note holder, may (i) reduce the principal amount or interest rate or change the method of computation of interest (including with respect to the amount of cash) in the Convertible Notes, (ii) change the percentage of the outstanding principal amount of the Convertible Notes required to consent to any such amendment, or (iii) amend Section 9 (Modifications) of the Convertible Note.
As of June 28, 2024, the Company secured written consent by the Required Holders for the Convertible Note maturity date to be extended to December 31, 2024. As an incentive for the Required Holders to approve the extension, the Company agreed (a) to lower both the Convertible Note fixed conversion price and the Warrant exercise price to $1.20, (b) to provide the Convertible Note holders the right to demand early repayment at the closing of the proposed merger with NAYA Biosciences, Inc. or if the Company raises more than $3 million dollars in a single equity raise, and (c) to increase the number of shares of Common Stock available under the Warrants to a total of 118,754. The maturity date extension, the conversion reduction and the early repayment right applies to all Convertible Notes, and the exercise price reduction and additional warrant coverage applies to all Warrants.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 5, 2024
| INVO BIOSCIENCE, INC. | ||
| By: | /s/ Steven Shum | |
| Steven Shum | ||
| Chief Executive Officer | ||