Scinai Immunotherapeutics宣布1000万美元备用股权购买协议

Scinai Immunotherapeutics (NASDAQ:SCNI) said on that it has entered into a standby equity purchase agreement with YA II PN, a fund managed by Yorkville Advisors Global.

Under the terms of the SEPA, Scinai has the right, but not the obligation, to sell up to $10 million of its American Depository Shares, each representing 4,000 ordinary shares, to Yorkville at any time during the three-year period following the execution date of the SEPA.

Sales to Yorkville under the SEPA are subject to a beneficial ownership cap of 9.99% of Scinai's share capital at any one time, along with other restrictions and conditions outlined in the SEPA.

The purchase price of the ADSs sold to Yorkville will be at a 3% discount to the lowest daily volume-weighted average price of the ADSs during the three consecutive trading days commencing on the trading day of the delivery of an advance notice by Scinai.

Scinai retains full control over the timing and amount of any sales to Yorkville, with no obligation to utilize any of the $10 million available under the SEPA.

The company intends to use the proceeds from the potential offering of ADSs under the SEPA to further develop its NanoAbs programs, support its CDMO business, and for general corporate purposes.