CYTR - CytRx inks securities purchase agreement for $10M

CytRx (CYTR) has entered into a securities purchase agreement with healthcare-focused institutional investor for aggregate gross proceeds of ~$10M.Under the terms of the agreement, CytRx has agreed to sell 2M shares of common stock at $0.88/share for gross proceeds of ~$1.76M in a registered direct offering and 8,240 shares of Series C 10.00% Convertible Preferred Stock at $1,000/share for gross proceeds of ~$8.24M, in a concurrent private placement.The Preferred Stock will be convertible into an aggregate of up to 9,363,637 common shares at $0.88/share. CytRx will also issue to the Investor an unregistered preferred investment option for a term of five and one-half years, that allows for the purchase of up to 11,363,637 common shares for additional gross proceeds of ~$10M if exercised in full. Net proceeds will be used for working capital purposes. The registered direct offering and concurrent private placement are expected to close on July 15, 2021.

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CytRx inks securities purchase agreement for $10M