Cadrenal Therapeutics, Inc. announced on November 1, 2024, the entry into a definitive agreement for the immediate exercise of certain outstanding warrants. These warrants, originally issued in July 2023, were for up to an aggregate of 285,715 shares of common stock.
The exercise price was reduced from $26.25 to $16.50 per share, resulting in expected gross proceeds to the company of approximately $4.7 million. In consideration for this immediate exercise, new unregistered Series A-1 and A-2 warrants were issued, both with an exercise price of $16.50 per share.
The company intends to use the net proceeds from this offering to fund its pivotal Phase 3 trial and support partnering activities. The transaction was expected to close on or about November 4, 2024, subject to customary closing conditions.
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