Clene enters $25M equity purchase agreement with Lincoln Park Capital

Clene Inc.

Lincoln Park commits to buy up to $25M of CLNN common stock over 36 months at company's discretion.
Company issued 332,668 initial commitment shares as fee; additional commitment shares possible.
Regular purchases limited to 75,000 shares per day (up to 200,000 if stock price above $4.00).
Purchase price at 97% of VWAP; proceeds for clinical development of CNM-Au8 and general corporate.
Issuance capped at 19.99% of outstanding without stockholder approval unless average price above $1.2404.

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

Clene Inc. entered into Purchase Agreement with Lincoln Park Capital Fund, LLC valued at up to $25,000,000 (effective 2023-03-03).

Action: entry
Agreement: equity purchase
Counterparty: Lincoln Park Capital Fund, LLC
Value: up to $25,000,000
Effective: 2023-03-03

Exact text from the filing

On March 3, 2023, Clene Inc. (the “Company”) entered into a purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), pursuant to which Lincoln Park has committed to purchase up to $25,000,000 of shares (the “Purchase Shares”) of the Company's common stock

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Clene Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-005405

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