OneMedNet enters standby equity purchase agreement with Yorkville

As previously disclosed on Form 8-K filed with the SEC on June 21, 2024, the Company entered into a standby equity purchase agreement with YA II PN, LTD, a Cayman Islands exempt limited partnership managed by Yorkville Advisors Global,, on June 17, 2024. Under the terms of the SEPA, Yorkville committed to purchase up to $25.0 million of the Company’s common stock over the next twenty-four-month period, subject to certain conditions and limitations. The purchase price will be at a 3.0% discount. On June 18, 2024, Yorkville advanced $1.5 million to the Company under a convertible promissory note due June 18, 2025. Generally, the Company anticipates that the note will be repaid through SEPA advances initiated by Yorkville at the note conversion price, which will be then applied to the outstanding balance. The Company’s right to draw on the SEPA will begin after repayment of the Promissory Note. The Company intends to use the proceeds from the promissory note and the potential offering of the common shares pursuant to the SEPA for working capital and other general corporate purposes. The SEPA supersedes and replaces the Company’s definitive securities purchase agreement with Helena Global Investment Opportunities 1 Ltd., which had provided for up to $4.54 million in funding through a private placement for the issuance of senior secured convertible notes, which was terminated on June 14, 2024.