Indaptus Therapeutics, Inc. (INDP) on Monday said it has entered into a $6 million securities purchase agreement with investor David E. Lazar for the purchase of non-voting convertible preferred stock, alongside changes to its leadership and board structure.
Under the agreement, Lazar has been appointed as Co-Chief Executive Officer and Chairman of the Board, while Jeffrey Meckler will continue to serve as Co-CEO and remain on the board.
As part of the transaction, Indaptus agreed to issue 300,000 shares of non-voting convertible Series AA preferred stock and 700,000 shares of non-voting convertible Series AAA preferred stock in exchange for the $6 million investment. Each Series AA preferred share is convertible into 20 shares, while each Series AAA preferred share is convertible into 150 shares.
The transaction closed on December 23, 2025.
In connection with the financing, Indaptus said its board was reconstituted. In addition to Lazar's appointment as chairman, Avraham Ben-Tzvi joined the board, replacing Hila Kara and Dr. Robert Martell, who stepped down. Following receipt of stockholder approval, Lazar will have the right to nominate up to three additional directors to the board.
Indaptus Therapeutics shares were down more than 7% in pre-market trading after closing at $2.55, down 3.77% on Friday.
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