MediciNova, Inc. announced the signing of a Standby Equity Purchase Agreement (SEPA) for up to $30 million worth of common stock over a 36-month period. This agreement provides the company with a flexible financing option.
Under the SEPA, MediciNova has the right, but not the obligation, to sell its common stock in individual transactions to investment funds managed by Yorkville Advisors Global LP. The stock will be sold at a purchase price equal to 97% of the market price, without the issuance of additional warrants.
Dr. Yuichi Iwaki, MediciNova President and CEO, stated that the SEPA offers additional flexibility to access capital to further support R&D initiatives, expand business, and pursue strategic opportunities. The proceeds will be used for advancing R&D programs and general corporate activities.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.