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Looking forward to the new year ๐
$FibroBiologics (FBLG.US)$ News just dropped - it has entered into a Standby Equity Purchase Agreement (the โSEPAโ) with YA II PN LTD. (โYorkvilleโ), an investment fund managed by Yorkville Advisors Global, LP. The agreement allows FibroBiologics, subject to customary conditions, to sell up to $25 million in the aggregate of its common stock to Yorkville over the course of two years.
Yorkville agreed to advance to FibroBiologics the first $15 million available under the SEPA in three equal tranches to be evidenced by convertible promissory notes. The first tranche in the amount of $5 million was funded upon entry into the SEPA. Subject to the satisfaction of certain conditions, the second tranche of $5 millionwill fund after the filing of a registration statement covering the resale of the shares issuable to Yorkville under the promissory notes, and the third tranche of $5 million will fund following the effectiveness of the registration statement and receipt of shareholder approval in satisfaction of Nasdaq rules. FibroBiologics can sell an additional $10 million of its common stock to Yorkville, subject to Yorkvilleโs consent and other conditions, while the convertible promissory notes remain outstanding.
Yorkville agreed to advance to FibroBiologics the first $15 million available under the SEPA in three equal tranches to be evidenced by convertible promissory notes. The first tranche in the amount of $5 million was funded upon entry into the SEPA. Subject to the satisfaction of certain conditions, the second tranche of $5 millionwill fund after the filing of a registration statement covering the resale of the shares issuable to Yorkville under the promissory notes, and the third tranche of $5 million will fund following the effectiveness of the registration statement and receipt of shareholder approval in satisfaction of Nasdaq rules. FibroBiologics can sell an additional $10 million of its common stock to Yorkville, subject to Yorkvilleโs consent and other conditions, while the convertible promissory notes remain outstanding.
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