Cardax, Inc. (OTCPK:CDXI) announced that it has entered into two securities purchase agreements to issue two convertible promissory notes of original principal amount $250,000 each issued at a discount of $20,000 each for gross proceeds of $460,000 with certain accredited investors on March 16, 2020. The notes bears interest ate of 10% and will mature on September 16, 2020. The note is convertible into common shares of the company at a conversion price of $4.50 per share, subject to customary adjustments for stock splits or similar transactions, for six months following the issue date, may be converted at a price per share equal to 70% multiplied by the average of the two lowest trading prices for the common stock during the fifteen trading day period prior to the date of conversion. The company issued 5,000 share each to investors at a par value of $0.001 per share as a commitment fee. The company issued 27,777 shares to one of the investor, which must be returned to the company if the note is fully repaid or fully converted within six calendar months following the issue date. The company issued securities pursuant to regulation D