Management Change/Compensation Form 8 K

Item 3.02 Unregistered Sales of Equity Securities.

On September 24, 2024, Peak Bio, Inc. (the "Company") granted 4,150,000 options to purchase shares of the Company's common stock to its officers, directors, employees and consultants. The options are exercisable for a term of ten years, subject to certain conditions, and have an exercise price of $0.80 per share. The Company issued the options relying on exemptions from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended.

See Item 5.02 and Item 8.01 below for additional information regarding certain of these options.