PetVivo Holdings Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
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Item 1.01 Entry into a Material Agreement.
Effective as of March 6, 2025, Michael Eldred, a member of the Board of Directors (“Lender”) of PetVivo Holdings, Inc. (the “Company”), entered into a promissory note (the “Promissory Notes”), having a principal amount of $200,000. The maturity date of the Promissory Note is on or about September 3, 2025 and the interest rate is 12% per annum.
Furthermore, as additional compensation for entering into the Promissory Note, the Lender was issued a Warrant granting the right to purchase 100,000 shares of common stock of the Company (“Warrant Shares”). The Warrant has a term of two years and an exercise price of $0.50 per Warrant Share.
The foregoing is only a summary of the material terms of the Promissory Note and does not purport to be a complete description of the rights and obligations of the parties thereunder. The summary of the Promissory Note is qualified in its entirety by reference to the forms of such agreement, which is filed as Exhibit 10.1 this Current Report and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
To the extent required by Item 2.03 of Form 8-K, the information contained in Item 2.03 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 Promissory Note |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
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.
| PETVIVO HOLDINGS, INC. | ||
| Date: March 10, 2025 | By: | /s/ John Lai |
| Name: | John Lai | |
| Title: | Chief Executive Officer | |