CytoSorbents raises gross $10.3M in registered direct offering of common stock and warrants

Cytosorbents Corp

Offers 7.73M shares plus warrants for 2.71M shares at $2.00 exercise price; combined price $1.33 per unit.
Gross proceeds $10.29M; net ~$9.83M after expenses; closing expected Dec 12, 2023.
Insiders (executives, directors, employees) purchase 327,070 shares and 114,465 warrants.
Proceeds to fund DrugSorb-ATR marketing efforts, clinical studies, R&D, and working capital.
Company states net proceeds plus existing cash fund operations into Q3 2024; seeks additional non-dilutive capital.

Key facts

Extracted from this filing and checked against the source text.

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

Cytosorbents Corp entered into Purchase Agreement with certain institutional and accredited investors valued at aggregate gross purchase price of $10,285,009.70 (effective 2023-12-11).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional and accredited investors
Value: aggregate gross purchase price of $10,285,009.70
Effective: 2023-12-11

Exact text from the filing

On December 11, 2023, CytoSorbents Corporation (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional and accredited investors (collectively, the “Investors”) for the sale by the Company directly to the Investors of an aggregate of 7,733,090 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”) together with warrants (the “Warrants”) to purchase up to 2,706,561 shares of Common Stock

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Cytosorbents Corp filing history →

Source: SEC EDGAR

accession 0001104659-23-124995

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