Decoy Therapeutics Inc. entered into a warrant inducement agreement with an institutional investor, raising approximately $3.85 million in gross proceeds. The agreement prompted the immediate cash exercise of existing warrants at a reduced price, with the proceeds intended for working capital and general corporate purposes.
Key Details
- Transaction: An investor exercised 1,184,434 Series B Milestone Warrants for cash, generating gross proceeds of approximately $3.85 million for the company.
- Inducement Terms: The exercise price for the company's Series A, B, and C milestone warrants was reduced from $5.91 to $3.25 per share. As further consideration, the company issued new unregistered warrants to purchase an additional 2,368,868 shares.
- New Warrants: The new warrants have an exercise price of $3.25 per share, are exercisable immediately, and will expire five years from the date of issuance.