---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-028283"
form_type: "8-K"
ticker: "PULM"
cik: "0001574235"
company_name: "Pulmatrix, Inc."
filed_at: "2025-12-18T23:59:59+00:00"
generated_at: "2026-05-16T12:44:43.347295+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Pulmatrix and Cullgen waive no-solicitation clause, explore alternatives due to CSRC delay

## Summary
- Parties mutually waived the 'No Solicitation' clause (Section 5.4) of the Nov 2024 Merger Agreement.
- Waiver permits each party to explore alternate transactions while continuing to pursue CSRC merger approval.
- CSRC approval remains the primary unmet closing condition; S-4 effective May 2025, stockholder vote June 2025.
- Pulmatrix had $4.8M cash as of Sept 30, 2025, funding operations into at least Q4 2026.

## SEC filing metadata
- accession: 0001493152-25-028283
- form_type: 8-K
- ticker: PULM
- cik: 0001574235
- company_name: Pulmatrix, Inc.
- filed_at: 2025-12-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1574235/000149315225028283/0001493152-25-028283-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1574235/000149315225028283/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-028283
- JSON: https://secwatch.observer/filing/0001493152-25-028283.json
- Plain text: https://secwatch.observer/filing/0001493152-25-028283.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.