Skye Bioscience enters $22M ELOC with Redmile; warrant for $5M shares

Skye Bioscience, Inc.

ELOC facility up to $22M for common/non-voting common stock; $2M/month cap over 3-year term, pricing at lesser of PIPE price or Market Price (floor 90% of PIPE price).
ELOC reduced if Funded PIPE Amount exceeds $103M and eliminated entirely if it reaches $125M.
Warrant for $5M / PIPE Price shares issued at closing; exercisable Jan 1, 2027 through Jan 1, 2030 at floor 90% of PIPE price, subject to 9.99% beneficial ownership limit.
Issuance capped at 19.99% of outstanding shares (7,080,740) unless stockholder approval obtained or average price ≥ $0.2804.
Registration Rights Agreement requires S-1 filing within 10 business days of closing; facility terminates on Redx transaction close or completion of other financings.

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