On November 16, 2022, Phio Pharmaceuticals Corp. (the "Company") reported that entered into a Subscription and Investment Representation Agreement (the "Subscription Agreement") with Robert J. Bitterman, its interim Executive Chairman, who is an accredited investor (the "Purchaser"), pursuant to which the Company agreed to issue and sell one (1) share of the Company’s Series D Preferred Stock, par value $0.0001 per share (the "Preferred Stock"), to the Purchaser for $1,750 in cash (Filing, 8-K, Phio Pharmaceuticals, NOV 16, 2022, View Source [SID1234624157]). The sale closed on November 16, 2022. Additional information regarding the rights, preferences, privileges and restrictions applicable to the Preferred Stock is set forth under Item 5.03 of this Current Report on Form 8-K and is incorporated herein by reference.

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The Subscription Agreement contains customary representations and warranties and certain indemnification rights and obligations of the parties.

The foregoing summary of the Subscription Agreement does not purport to be complete and is subject to, and qualified in its entirety by, such document, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.