Skye Bioscience (SKYE) has released an update to notify the public and investors about an entry into a material definitive agreement.
On January 29, 2024, Skye Bioscience, Inc. entered into a Securities Purchase Agreement with institutional investors to issue and sell shares and pre-funded warrants, anticipating gross proceeds of $50,249,991 before fees and expenses. The warrants are immediately exercisable at $0.001 per share but are subject to a 4.99% ownership limit, adjustable upon notice. The Purchase Agreement stipulates customary representations, warranties, covenants, and closing conditions, including a Registration Rights Agreement for the resale of the securities. Piper Sandler and Oppenheimer & Co. are the placement agents, and there are restrictions on the company’s ability to deal with intellectual property related to nimacimab without consent from a majority of the Qualified Investors. Additionally, company directors and officers have entered into 90-day lock-up agreements post-closing.
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