On September 16, 2020, OncBioMune Pharmaceuticals, Inc. (the "Company") reported that it entered into a Securities Purchase Agreement (the "SPA") with an investor to purchase an aggregate amount of 1,000 shares of a newly created Series E Convertible Preferred Stock of the Company (the "Series E Preferred") for an aggregate investment amount of $2,000,000 (Filing, 8-K, Oncbiomune, SEP 16, 2020, View Source [SID1234565461]). Our new Series E Preferred Stock has a stated value of $2,000 per share and shall accrue, on a quarterly basis in arrears, dividends at the rate of 8% per annum on the stated value. The dividends shall be paid quarterly at the option of the holder of the Series E Preferred in either cash or shares of common stock of the Company. The Series E Preferred is convertible at any time after the date that is two days after the filing of an amendment to the Company’s certificate of incorporation with the Secretary of State of the State of Nevada to increase the Company’s authorized common stock to 12,000,000,000. The number of shares of common stock issuable up on conversion of the Series E Preferred is determined by dividing the stated value of the number of shares being converted, plus any accrued and unpaid dividends, by the lesser of: (i) $0.00375 and (ii) 75% of the average closing price of the Company’s common stock during the prior five trading days; provided, however, the conversion price shall never be less than $0.0021.
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The foregoing description of the SPA and the Series E Preferred does not purport to be complete, and is qualified in its entirety by reference to Exhibits 10.1 and 3.1 hereto, which are incorporated by reference herein.