Cardio Diagnostics Holdings (CDIO) has released an update to notify the public and investors about an entry into a material definitive agreement.
Cardio Diagnostics Holdings, Inc. entered into a Sales Agreement with Craig-Hallum Capital Group LLC to potentially sell up to $17 million in common stock at the company’s discretion. The agreement allows sales to be made through various market methods, with Craig-Hallum employing reasonable efforts to sell the shares according to specified terms. The company will pay a 2.5% commission on sales proceeds and reimburse certain legal costs, with the offering ending upon reaching the $17 million limit or Sales Agreement termination. The net proceeds are intended for general corporate purposes.
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For a comprehensive understanding of the announcement, you can read the full document here.
