CytoDyn extends surety bond backstop to Jan 31, 2023; issues warrants at $0.10, reduces existing warrant exercise price

CytoDyn Inc.

Extends Indemnitors' surety bond obligation to Jan 31, 2023; must relieve $1.5M cash collateral by Jan 5, 2023, remaining $5M by Jan 31.
Reduces exercise price of existing 30M warrants from $0.20 to $0.10 per share; issues new warrants for 7.5M shares at $0.10.
Issues second warrant for up to 7.5M shares at $0.10, amount based on how quickly cash collateral is relieved.
Completed private warrant exchange on Nov 30: four investors exercised ~1.2M $1.00 warrants for ~9.5M shares, raising ~$2.1M.
David Fairbank Welch now deemed beneficial owner of >5% of outstanding common stock.

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

CytoDyn Inc. amended Second Amendment to the Surety Bond Backstop Agreement with David Fairbank Welch, LRFA, LLC, and certain other related parties (collectively, the Indemnitors) (effective 2022-12-01).

Action: amendment
Counterparty: David Fairbank Welch, LRFA, LLC, and certain other related parties (collectively, the Indemnitors)
Effective: 2022-12-01

Exact text from the filing

Effective December 1, 2022, CytoDyn Inc. (the “Company”) entered into an amendment (the “Second Amendment”) to the Surety Bond Backstop Agreement, as previously amended on July 18, 2022 (the “First Amendment”), and initially entered into by the Company with David Fairbank Welch, both individually and in his capacity as trustee of a revocable trust, LRFA, LLC, a Delaware limited liability company, and certain other related parties (collectively, the “Indemnitors”), effective February 14, 2022.

View on SEC.gov

44 material agreements filed in the last 30 days. Browse all material agreements →

CytoDyn Inc. filing history →

Source: SEC EDGAR

accession 0001558370-22-018412

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.