Home Bistro Inc. announced that it has entered into securities purchase agreement for the private placement of convertible notes in the original principal amounts of $182,926.83 and $150,000.00 respectively, and warrants to purchase up to 318,314 and 217,391 shares of the company's common stock, par value $0.001 per share and together with the SPAs and the notes for gross proceeds $252,500 on May 24, 2022. The transaction will include participation from West Street Capital Partners and Jefferson Street Capital LLC. The notes mature on May 24, 2023.

The investors may only convert the notes at any time on or following (i) the occurrence of an event of default under the notes or (ii) the date the company consummates an offering that results in the listing of the company's common stock on any national securities exchange on or before 180 calendar days after the issue date. The per share conversion price into which the note is convertible into shares of common stock is equal the lower of (i) 75% of the closing price of the common stock on the date of the investment, and (ii) 90% of the lowest volume weighted average price for the common stock during the five trading day period ending on the latest complete trading day prior to the conversion date, provided, however, that if the company consummates an Uplist offering, then the conversion price shall equal 75% of the offering price per share of common stock at which the Uplist offering is made. The obligations under the notes are not secured by any assets of the company.