ITEM 8.01 OTHER EVENTS.
On
27Health Inc. entered into an administrative and financing agreement with KeyOptions, the terms of which call for 27Health Inc. to receive a significant amount of KeyOption's revenues from Virolens and a portion of the amount of the operating margin, which is significant, in consideration for the Company issuing to KeyOptions shares of a newly authorized series of a convertible preferred stock which grants KeyOptions the right to convert the new preferred stock into 1.5 million shares of common stock after six months, with an additional 1.5 million shares that would vest after one year, based upon certain milestones. The right to convert the new series of preferred stock is expressly subject to beneficial ownership limitations which provides that at no time may KeyOptions exercise its conversion rights if, as a result of such conversion, KeyOptions would own in excess of 4.99% of the Company's common stock.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
ITEM 9.01-FINANCIAL STATEMENTS AND EXHIBITS
The following is filed as an exhibit to this report:
Exhibit Number Title of Document Press Release issued by the Company datedSeptember 11, 2020 , 99.1 filed herewith.
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