Description of Registrant’s
As of March 10, 2021, Predictive Oncology
Inc. (the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), namely, our common stock, par value $0.01 per share (“Common Stock”).
Description of Common Stock
The following description of our Common
Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Certificate
of Incorporation, as amended (the “Certificate of Incorporation”), our Second Amended and Restated Bylaws, as amended
(the “Bylaws”), and the Certificate of Designation of Preferences, Rights and Limitations applicable to each series
of our Preferred Stock (as defined below) (collectively, the “Certificates of Designation”), each of which are incorporated
by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read the
Certificate of Incorporation, the Bylaws, the Certificates of Designation, and the applicable provisions of the General Corporation
Law of the State of Delaware (the “DGCL”) for additional information.
Authorized Capital Stock. Our authorized
capital stock consists of 100,000,000 shares of Common Stock, and 50,000,000 shares of preferred stock, $0.01 par value per share
(“Preferred Stock”). Out of the Preferred Stock, as of December 31, 2019, and 300,000 shares have been designated Series
B Convertible Preferred Stock, of which 79,246 shares were outstanding.
The outstanding shares of our Common Stock
and Preferred Stock are fully paid and nonassessable.
The Series B Convertible Preferred Stock
is convertible into Common Stock at the option of its holders on a 1:1 basis, subject to a 4.99% beneficial ownership blocker.
The Series D Convertible Preferred Stock converts on a 1:10 basis on April 4, 2020, subject to a 4.99% beneficial ownership blocker.
Each share of Series E Convertible Preferred Stock is convertible at the option of its holder into 0.056857% of the shares of Common
Stock issued and outstanding immediately prior to giving effect to such conversion, subject to a 19.99% beneficial ownership blocker,
and on June 13, 2020, the Company may at its option convert all outstanding shares of Series E Convertible Preferred Stock into
shares of Common Stock.
Blank Check Preferred Stock. Our
Board of Directors is authorized, subject to any limitations prescribed by law, to provide for the issuance of the shares of Preferred
Stock in series and, by filing a certificate pursuant to the applicable law of the State of Delaware, to establish from time to
time the number of shares to be included in each such series, and to fix the designation, powers, preferences and rights of the
shares of each such series and any qualifications, limitations or restrictions thereon. The number of authorized shares of Preferred
Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the
holders of a majority of the outstanding shares of Common Stock without a vote of the holders of the Preferred Stock, or of any
series thereof, unless a vote of any such holders is required pursuant to the certificate or certificates establishing the series
of Preferred Stock.
Voting Rights. The holders of our Common Stock
are entitled to one vote for each outstanding share of Common Stock owned by that shareholder on every matter properly submitted
to the shareholders for their vote. Shareholders are not entitled to vote cumulatively for the election of directors.
Dividend Rights. Subject to the
dividend rights of the holders of any outstanding series of preferred stock, holders of our Common Stock are entitled to receive
ratably such dividends and other distributions of cash or any other right or property as may be declared by our Board of Directors
out of our assets or funds legally available for such dividends or distributions.
Liquidation Rights. In the event
of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of our Common Stock would be entitled
to share ratably in our assets that are legally available for distribution to shareholders after payment of liabilities and after
the satisfaction of any liquidation preference owed to the holders of any Preferred Stock.
Conversion, Redemption and Preemptive
Rights. Holders of our Common Stock have no conversion, redemption, preemptive, subscription or similar rights.
Bylaws. Certain provisions of our
Bylaws could have anti-takeover effects. These provisions are intended to enhance the likelihood of continuity and stability in
the composition of our corporate policies formulated by our Board of Directors. In addition, these provisions also are intended
to ensure that our Board of Directors will have sufficient time to act in what our Board of Directors believes to be in the best
interests of our Company and our shareholders. Nevertheless, these provisions could delay or frustrate the removal of incumbent
directors or the assumption of control of us by the holder of a large block of Common Stock and could also discourage or make more
difficult a merger, tender offer, or proxy contest, even if such event would be favorable to the interest of our shareholders.
These provisions are summarized below.
Advance Notice Provisions
for Raising Business or Nominating Directors. Sections 2.09 and 2.10 of our Bylaws contain advance-notice provisions relating
to the ability of shareholders to raise business at a shareholder meeting and make nominations for directors to serve on our Board
of Directors. These advance-notice provisions generally require shareholders to raise business within a specified period of time
prior to a meeting in order for the business to be properly brought before the meeting.
Number of Directors and Vacancies.
Our Bylaws provide that the exact number of directors shall be determined from time to time solely by resolution adopted by the
affirmative vote of a majority of the entire Board of Directors. The Board of Directors is divided into three classes, as nearly
equal in number as possible, designated: Class I, Class II and Class III (each, a “Class”). In the case of any
increase or decrease, from time to time, in the number of directors, the number of directors in each class shall be apportioned
as nearly equal as possible. Except as otherwise provided in the Certificate of Incorporation, each director serves for a term
ending on the date of the third annual meeting of the Company’s stockholders following the annual meeting at which such director
was elected; provided, that the term of each director shall continue until the election and qualification of a successor and be
subject to such director’s earlier death, resignation or removal. Vacancies on the Board of Directors resulting from death,
resignation, removal or otherwise and newly created directorships resulting from any increase in the number of directors may be
filled solely by a majority of the directors then in office (although less than a quorum) or by the sole remaining director.
Listing. Our Common Stock is traded
on the Nasdaq Capital Market under the trading symbol “POAI”.