Material Agreement (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement(s).

On April 2, 2021, the Company entered into a securities purchase agreement pursuant to which the Company issued a secured convertible promissory note in the initial principal amount of $28.5 million ("Note 1"). Following subsequent negotiations, the effective maturity date of Note 1 was extended to April 5, 2026.

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On April 23, 2021, the Company entered into a securities purchase agreement pursuant to which the Company issued a secured convertible promissory note in the initial principal amount of $28.5 million ("Note 2", and together with Note 1, the "Notes"). Following subsequent negotiations, the effective maturity date of Note 2 was extended to April 23, 2026.

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On March 24, 2026, the Company and the holders of Note 1 and Note 2 (collectively, the "Noteholders") agreed to extend the maturity date of each of the Notes by 36 months (the "Extension Periods"). In consideration, the Company agreed to make a monthly payment covering both Notes in the total amount of $1,000,000 of shares of common stock to the Noteholders, calculated based on (i) the previous trading day's closing price or (ii) the average of the closing prices for the previous five trading days, whichever is lower. Monthly payments will be made through the extended maturity dates of April 5, 2029 and April 23, 2029, respectively. The annual interest rate for each Note was also reduced to 5% as part of the extension.

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