Item 4 — Purpose of Transaction
The response to Item 6 of this Schedule 13D is incorporated herein by reference. Nova MergerOn December 30, 2024, the Issuer entered into an Agreement and Plan of Merger (the "Nova Merger Agreement"), by and among the Issuer, Grape Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary of the Issuer ("First Merger Sub"), Grape Merger Sub II, LLC, a Delaware limited liability company and wholly owned subsidiary of the Issuer ("Second Merger Sub") and Nova Pharmaceuticals, Inc., a Delaware corporation ("Nova"), on December 30, 2024 (the "Closing"), the Issuer acquired Nova. In accordance with the Nova Merger Agreement, First Merger Sub merged with and into Nova (the "First Merger"), with Nova surviving as a wholly owned subsidiary of the Issuer. Following the First Merger and as part of the same overall transaction as the First Merger, Nova merged with and into Second Merger Sub (the "Second Merger" and, together with the First Merger, the "Merger"), with Second Merger Sub being the surviving entity of the Second Merger and renamed Nova Pharmaceuticals Operating, LLC (the "Surviving Company"). At the Closing, Parvinder Singh Hyare acquired 13,521.292 shares of Series B Non-Voting Convertible Preferred Stock, par value $0.001 per share ("Series B Preferred Stock"), in exchange for shares of common stock of Nova held immediately prior to the Closing, which were automatically converted into a number of shares of Series B Preferred Stock at an exchange ratio of 177.9117. Pursuant to the Nova Merger Agreement, no earlier than twelve (12) months following the Closing, but no later than eighteen (18) months following the Closing, the Issuer will submit the following matters to its stockholders at a meeting of stockholders (the "Stockholders' Meeting") for their consideration: (i) the approval of the conversion of the Series B Preferred Stock into shares of Common Stock (the "Conversion Proposal"); (ii) the approval of an amendment to the Issuer's certificate of incorporation to effect a reverse stock split and/or increase the number of authorized shares of Common Stock to such amount as determined by the Issuer's board of directors (the "Board") following the Closing; and (iii) the approval of one or more adjournments of the Stockholders' Meeting to solicit additional proxies if there are not sufficient votes cast in favor of the foregoing matters (collectively, the "Meeting Proposals"). Following stockholder approval of the Conversion Proposal, each share of Series B Preferred Stock will be convertible into 1,000 shares of Common Stock (the "Conversion Ratio") at any time at the option of the holder thereof, subject to certain limitations. The shares of Series B Preferred Stock have no expiration date. On March 17, 2026, the Surviving Company executed a Waiver of Certain Provisions of Agreement and Plan of Merger (the "Waiver"). Pursuant to the Waiver, the Surviving Company waived the Issuer's obligations under the Nova Merger Agreement to hold a meeting of stockholders to vote on, among other things, the Conversion Proposal. Partial Mandatory Conversion of Series B Preferred Stock On February 12, 2026, the Issuer filed a Certificate of Amendment (the "Amendment") to a Certificate of Designation of Preferences, Rights and Limitations of Series B Preferred Stock (the "Certificate of Designation") with the Secretary of State of Delaware. The Amendment provides that, in the sole discretion of the Board, the Issuer may elect to convert, in whole or in part, outstanding shares of Series B Preferred Stock into a number of shares of Common Stock calculated based on the Conversion Ratio (a "Mandatory Conversion"). On May 14, 2026, the Issuer provided Parvinder Singh Hyare with a Notice of Mandatory Conversion of Series B Non-Voting Convertible Preferred Stock (the "Mandatory Conversion Notice") effective May 15, 2026 (the "Mandatory Conversion"). In connection with the Mandatory Conversion, 13,521.292 shares of Series B Preferred Stock held by Parvinder Singh Hyare were converted into 13,521,921 shares of Common Stock. In lieu of fractional shares to which Parvinder Singh Hyare was entitled, the Company is required to pay Parvinder Singh Hyare an amount of cash equal to such fraction multiplied by the closing price of a share of Common Stock on the applicable Trading Market (as defined in the Certificate of Designation) on the date of the Mandatory Conversion, in accordance with Section 6.4.6 of the Certificate of Designation. Following the Mandatory Conversion, Parvinder Singh Hyare now holds 13,521,921 shares of Common Stock and no shares of Series B Preferred Stock. Stockholder Support Agreement On April 14, 2026, the Issuer entered into an Agreement and Plan of Merger (the "Obsidian Merger Agreement") with Obsidian Therapeutics, Inc., a Delaware corporation ("Obsidian"), Gazelle Parent, Inc., a Delaware corporation ("Parent"), Onyx MergerSub, Inc., a Delaware corporation and a direct, wholly owned sub