Home Bistro Inc. announced that it has entered into securities purchase agreement for the best effort private placement of a convertible note for gross proceeds $104,250 on August 24, 2022. The transaction will include participation from returning investor 1800 Diagonal Lending, LLC. The notes carry an interest rate of 8% and mature on August 24, 2023.

The investors may only convert the note at any time on or following the occurrence of an event of default under the notes or 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 65% multiplied by the average of the lowest two closing bid prices for the Common Stock during the ten trading days ending on the last trading day prior to the conversion date. The Company has the right to prepay the outstanding principal amount of the Note, plus any accrued interest on the outstanding principal at a rate of 120% during the period ending 120 days after the Issue Date and 125% during the period between 121 days and 180 days after the Issue Date.

The Company does not have a prepayment right following the expiration of the 180 day period. The securities are issued pursuant to Regulation D. The company shall reimburse $4,250 for Buyer's legal fees and due diligence fee. Subject to the satisfaction of the conditions the date and time of the issuance and sale of the Note pursuant to this Agreement shall be on or about August 25, 2022, or such other mutually agreed upon time.