other material
confidence high
sentiment neutral
materiality 0.75
Lipella Pharmaceuticals enters agreement for up to $6M Series B convertible preferred offering
LIPELLA PHARMACEUTICALS INC.
- Offering of up to $6,000,000 in Series B non-voting convertible preferred stock; underwritten by Spartan Capital Securities.
- Placement agent fee: 10% of gross proceeds in cash plus warrants for 10% of conversion shares at $1.00/share, 5-year term.
- Separate consulting agreement with Spartan: $300,000 cash fee and 700,000 shares of Series C Preferred Stock for advisory services.
- Series C Preferred Stock is junior to other preferred, pari passu with common, convertible 1:1 with 4.99% beneficial ownership limit.
- Investors granted right to purchase additional $6M in a Mirror Offering within six months of registration effective date.