Cullinan Oncology exchanges 6.5M common shares for Series A convertible preferred held by BVF funds

Cullinan Therapeutics, Inc.

Exchanged 6,475,000 common shares for 647,500 Series A convertible preferred (10:1 conversion ratio).
Issued under Section 3(a)(9) exemption; no commissions paid.
Preferred shares have no voting rights; conversion limited to initial 9.99% beneficial ownership cap.
Post-exchange common outstanding: 39,324,370; preferred convertible into up to 6,457,000 common shares.
Transaction closed Jan 19, 2023 with Biotechnology Value Fund L.P. and affiliates.

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