Cardio Diagnostics Holdings, Inc. (CDIO): debt financing — Cardio Diagnostics enters $11.2M convertible debenture financing with Yorkville; receives initial $4.5M

Cardio Diagnostics Holdings, Inc.

Gross proceeds up to $11.2M from YA II PN, Ltd. (Yorkville); first tranche $5M debenture at 90% ($4.5M), second $6.2M upon SEC reg. effectiveness.
Convertible at lower of $5.00 or 92% of avg two lowest daily VWAPs over 7 days, floor $0.55; 12-month maturity, 0% interest (15% on default).
Proceeds to expand commercial adoption of PrecisionCHD and Epi+Gen CHD tests, launch new cardiovascular tests, and pursue payor coverage.
Company has no deposits at Silicon Valley Bank; all deposits except <$250K in a major money center bank.

item 1.01 item 2.03 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Cardio Diagnostics Holdings, Inc. incurred convertible notes of principal amount of $5 million with YA II PN, Ltd. (Yorkville) at 0.0% per annum maturing March 8, 2024.

Instrument: convertible notes
Principal: principal amount of $5 million
Counterparty: YA II PN, Ltd. (Yorkville)
Rate: 0.0% per annum
Maturity: March 8, 2024
Event: incurrence

Exact text from the filing

the Company issued and sold to Yorkville a Convertible Debenture in the principal amount of $5 million for a purchase price of $4.5 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cardio Diagnostics Holdings, Inc. entered into Securities Purchase Agreement with YA II PN, Ltd. (Yorkville) valued at up to $11.2 million (effective 2023-03-08).

Action: entry
Agreement: equity purchase
Counterparty: YA II PN, Ltd. (Yorkville)
Value: up to $11.2 million
Effective: 2023-03-08

Exact text from the filing

On March 8, 2023, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with YA II PN, Ltd. (“Yorkville”), a fund managed by Yorkville Advisors Global, LP, headquartered in Mountainside, New Jersey.

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Cardio Diagnostics Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001079973-23-000326

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