On November 21, 2023 Lantern Pharma Inc. ("Company") reported to have entered into separate Securities Purchase Agreements with Bios Fund I QP, LP and Bios Fund I, LP (the "Bios Entities") pursuant to which the Company agreed to purchase from the Bios Entities a total of 145,348 shares (the "Shares") of Company common stock, at a purchase price of $3.44 per share, for a total purchase price of $499,997.12 (Filing, 8-K, Lantern Pharma, NOV 21, 2023, View Source [SID1234637960]). The agreements contain customary representations, warranties, and covenants for agreements of such nature. The transactions under the agreements are expected to close prior to November 30, 2023.

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The Bios Entities are part of a related family of investment partnerships under common control, which collectively beneficially own approximately 14.7% of the Company’s issued and outstanding shares of common stock. The Company was advised by the Bios Entities that their motivation to sell the Shares (i) did not relate to the activities or operations of the Company and (ii) was for the purpose of generating working capital for the operations of the Bios Entities and ensuring adequate liquidity.