On November 15, Xenetic Biosciences, Inc. (the "Company") reported that entered into a letter agreement (the "Agreement") with the holders (the "Holders") of the Company’s common stock purchase warrants (the "Warrants") issued pursuant to that certain Securities Purchase Agreement, dated March 5, 2019, by and among the Company and the purchasers party thereto (the "Purchase Agreement") (Filing, 8-K, Xenetic Biosciences, NOV 16, 2021, View Source [SID1234595688]).

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Pursuant to the Agreement, the Purchase Agreement was amended to delete, in its entirety, Section 4.12(b) of the Purchase Agreement. Additionally, the Company and the Holders agreed to exchange the Warrants to purchase 129,084 shares of the Company’s common stock, par value $0.001 per share ("Common Stock"), for an aggregate of 51,634 shares of Common Stock (the "Exchange"). Other than the foregoing, neither party provided cash or other securities as consideration in the Exchange. As a result of the Exchange, all of the Holder’s Warrants were cancelled without further action required by either the Company or the Holders. The Agreement contains customary representations and warranties by the Company and the Holders.