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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| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item1.01 | Entry into a Material Agreement. |
Effective as of September 30, 2025, four shareholders (the “Lenders”) of PetVivo Holdings, Inc. (the “Company”) entered into note conversion agreements (“Conversion Agreements”) to convert the outstanding balances of fourteen promissory notes (“Notes”) having an aggregate debt outstanding of $2,018,155 consisting of principal amount of $1.850,000, plus total accrued interest of $168,155. The Notes converted into 3,669,806 shares of Company common stock (“Shares”). The effective conversion prices of the Notes range from $0.50 to $0.75 per Share and the Notes were fully converted, thereby considered paid in full, and cancelled upon the issuance of the Shares. The issuance of restricted shares of the Company’s common stock upon conversion of the Promissory Notes are exempt from registration under Section 4(a)(2) of the Securities Act. The Lenders are sophisticated and represented in writing that they are accredited investors and acquired the securities for their own account for investment purposes. A legend was placed on the stock certificates issued upon conversion of the Promissory Notes stating that the securities are “restricted securities” under Rule 144 of the Securities Act, have not been registered under the Securities Act and cannot be sold or otherwise transferred without registration or an exemption therefrom.
The foregoing is only a summary of the material terms of the Conversion Agreements and does not purport to be a complete description of the rights and obligations of the parties thereunder. The summary of the Conversion Agreement is qualified in its entirety by reference to the form of such agreement, which is filed as Exhibit 10.1 this Current Report and incorporated herein by reference.
| Item1.02 | Termination of a Material Definitive Agreement. |
To the extent required by Item 1.02 of Form 8-K, the information contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
10.1 |
Form of Conversion Agreement between the Company and the Noteholders |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| PETVIVO HOLDINGS, INC. | ||
| Date: September 30, 2025 | By: | /s/ John Lai |
| Name: | John Lai | |
| Title: | Chief Executive Officer | |
Exhibit 10.1
PROMISSORY NOTES CONVERSION AGREEMENT
THIS AGREEMENT made and effective this 30th day of September 2025 (“Effective Date”), by and between PetVivo Holdings, Inc., a Nevada corporation (“PETVIVO”), and the following named holder of two Promissory Notes of PETVIVO: [INSERT NAME], an individual having a primary address of [INSERT ADDRESS] (the “NOTEHOLDER”).
WITNESSETH, WHEREAS NOTEHOLDER and PETVIVO are parties to [INSERT NUMBER OF NOTES] Promissory Notes, (collectively the “NOTES”), which are identified and detailed in Exhibit A of this Agreement; and
FURTHER, WHEREAS PETVIVO, as of the effective date stated above, is indebted to NOTEHOLDER in the total amount of $_,___,___.__ (the “Outstanding Notes Balance”), consisting of the outstanding NOTES principal balance of $_,___,___.__ and accrued and unpaid interest thereon of $___,___.__1; and
FURTHER, WHEREAS NOTEHOLDER has agreed to convert the Outstanding Notes Balance into Shares of PETVIVO common stock at a conversion price of [$0.50, $0.65 or $0.75] per Share for the __________, 2025 note and [$0.50, $0.65 or $0.75] per Share for the ________, 2025 note; and
FURTHER,
WHEREAS NOTEHOLDER and PETVIVO have agreed that each Share shall be one (1) restricted share of Company Common Stock, having a par value
of $0.001 per share (“Share”).
NOW THEREFORE, for valuable consideration and upon the mutual promises and covenants, PETVIVO and NOTEHOLDER hereto agree as follows:
| 1. | NOTEHOLDER hereby agrees to convert the above-stated Outstanding Notes Balance into ___,___ Shares of PETVIVO common stock (“Conversion Shares”) at the conversion price of [$0.50, $0.65 or $0.75] per Share for the __________, 2025 note and [$0.50, $0.65 or $0.75] per Share for the __________, 2025 note. The issued common stock shares will be restricted shares of common stock, but will be free of all restrictions on transfer or sale, including restrictions on transfer under applicable state and federal securities laws, upon the satisfaction of the holding period pursuant to Rule 144 under the Securities Act. | |
| 2. | In consideration for full satisfaction of the NOTES and Outstanding Notes Balance owed to NOTEHOLDER by PETVIVO, PETVIVO shall deliver a certificate or book entry form at the Company’s stock transfer agent in the name of the NOTEHOLDER and issue an amount of _,___,___ shares of PETVIVO common stock to NOTEHOLDER, after which all such issued Conversion Shares shall be legally and validly issued and fully paid and non-assessable. Also, upon completion of issuance of the Conversion Shares, all debt and obligations owed by PETVIVO to the NOTEHOLDER pursuant to the NOTES shall be satisfied in full. |
[Remainder of Page Intentionally Left Blank]
1 The Parties have agreed to an interest payment to the Noteholder of one full year of interest in the amount of $__,___ for early conversion of the Note dated _________, 2025 and full interest to maturity of the $___,___ note calculated to ___________, 2025.
| 1 |
EXECUTED
by the parties hereto as of the Effective Date first above written.
| PETVIVO: PetVivo Holdings, Inc. | ||
| By: | ||
| Name: | Garry Lowenthal | |
| Title: | Chief Financial Officer | |
| NOTEHOLDER: EILEEN SARROFF | ||
| By: | ||
| Name: | ||
| 2 |
Exhibit A
| Noteholder | Date of Note | Note Principal | Accrued Interest as of Ful Maturity Date of Note | Total Principal and Accrued Interest | Conversion Price per Share | # of Conversion Shares | |||||||||||||
| Totals |
| 3 |