CYAD - Celyad Oncology announces $40M equity purchase agreement

Celyad Oncology (CYAD) has entered into an equity purchase agreement with Chicago-based institutional investor, Lincoln Park Capital Fund ((LPC)). Under the 24-month term Equity Purchase Agreement, LPC will purchase up to $40M ADS, each of which represents one ordinary share of the Company.The purchase price for the ADSs to be purchased by LPC will be the equal to the lower of (i) the lowest sale price for ADSs on the applicable purchase date, and (ii) the average of the three lowest closing sale prices for ADSs during the ten business days prior to the purchase date.Pursuant to the agreement, LPC received a commitment fee of $1M, consisting of $600K in cash and $400K in the form of a discount on the initial purchase of $2M of ADSs under the equity facility.Net proceeds from sales of ADSs will be used for general corporate purposes and expects the proceeds to extend the Company’s cash runway beyond the 3Q of

For further details see:

Celyad Oncology announces $40M equity purchase agreement