Beyond Air enters financing agreements up to $32M

Beyond Air (XAIR) entered into financing agreements with Streeterville Capital, providing up to $32 million in total potential proceeds. Under the terms of the agreement, Beyond Air issued a $12 million promissory note to Streeterville Capital, bearing a 15% annual interest rate. The note matures in 24 months from the issue date, with no payments due during the first 12 months. Of the total amount, $6 million will be placed in a restricted account and will be accessible as the first $6 million is paid down. In addition, the Company entered into a $20 million Equity Line of Credit Agreement and a Registration Rights Agreement with Streeterville Capital. The ELOC provides the Company with the right, but not the obligation, to sell up to $20 million of newly issued shares of its common stock to Streeterville Capital over a 24-month period, subject to customary conditions and limitations. Proceeds from the ELOC may be used for general corporate purposes, including working capital, commercial operations, repayment of the promissory note, pre-clinical and clinical activities, and other strategic initiatives. Under the terms of the agreement, the Company will file an S-1 Resale Registration covering resale of the shares Streeterville Capital may receive under the ELOC.