Sonnet enters $25M ChEF equity facility with Chardan; 4% VWAP discount, 36-month term

Sonnet BioTherapeutics Holdings, Inc.

Up to $25M aggregate gross purchase price of common stock under ChEF Purchase Agreement with Chardan Capital Markets.
Shares sold at a fixed 4.0% discount to VWAP; Company controls timing and amount of draws.
36-month investment period; $100K initial + $150K six-month commitment fees; Exchange Cap of 622,168 shares (19.99% of outstanding).
Proceeds for R&D, clinical trials, working capital; no short sale or hedging by Chardan prior to agreement.
Company may terminate at any time after commencement with 10 trading days' notice.

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

Sonnet BioTherapeutics Holdings, Inc. entered into ChEF Purchase Agreement with Chardan Capital Markets LLC valued at $25,000,000 in aggregate gross purchase price (effective 2024-05-02).

Action: entry
Agreement: equity purchase
Counterparty: Chardan Capital Markets LLC
Value: $25,000,000 in aggregate gross purchase price
Effective: 2024-05-02

Exact text from the filing

On May 2, 2024, Sonnet BioTherapeutics Holdings, Inc., a Delaware corporation (the “Company”) entered into a ChEF Purchase Agreement (the “Purchase Agreement”) and a Registration Rights Agreement (the “Registration Rights Agreement”), each with Chardan Capital Markets LLC (“Chardan”) related to a “ChEF,” Chardan’s committed equity facility (the “Facility”).

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Source: SEC EDGAR

accession 0001493152-24-017629

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