Windtree Therapeutics raises $12.9M via Series C Preferred and Warrants; cancels $9.5M debt

WINDTREE THERAPEUTICS INC /DE/

Gross proceeds of ~$12.9M from private placement of Series C Convertible Preferred Stock and warrants; $9.5M used to cancel existing convertible notes, secured notes, and Series B preferred shares.
Series C Preferred has stated value $1,000/share, initial conversion price $3.74, convertible into 267 shares of common; 10% dividend rate (18% default).
Warrants to purchase up to 3,440,631 shares of common at $4.11/share, exercisable starting 6 months + 1 day after issuance, expiring 5 years later.
Company issues 161 Preferred Shares and 42,838 Warrants as placement agent compensation.
Company agrees to seek stockholder approval for share issuance; restricted period of 90 trading days with no further equity-linked issuances without consent.

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