Lipella raises $3.79M in third closing of Series B convertible preferred offering

LIPELLA PHARMACEUTICALS INC.

Sold 37,880 Series B convertible preferred shares at $100 each; gross proceeds $3.788M, net $3.124M after fees.
Over-allotment partially exercised; $385,500 from over-allotment included in gross proceeds.
Conversion price set at $3.00 or $3.13 per common share, subject to adjustment.
Spartan Capital earned $663,960 in fees, received 441,933 Series C shares and warrants for 125,833 common shares.
Second amendment makes Spartan's cash and stock compensation pro rata on total $7.2M across both offerings.

item 1.01 item 3.02 item 9.01

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accession 0001753926-25-000381

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