An artificial intelligence-powered precision cardiovascular medicine company, Cardio Diagnostics (NASDAQ:CDIO) enters securities purchase agreement with YA II PN, an investment fund managed by Yorkville Advisors Global.
Under the agreement, company agreed to sell and issue to Yorkville convertible debentures in a gross aggregate principal amount of up to $11.2M.
The convertible debentures are convertible into shares and the company will receive 90% of the proceeds, with a $5M convertible debenture being entered into at the initial closing, of which the company received $4.5M.
Proceeds from the financing to accelerate the adoption of the company’s PrecisionCHD and Epi+Gen CHD clinical tests, leverage its proprietary AI-driven Integrated Epigenetic-Genetic Engine to develop and launch additional tests for other cardiovascular diseases and associated co-morbidities and pursue payor coverage.
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Stock price up 5.5% during Wednesday after hours.
Source: Seeking Alpha
