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Cardio Diagnostics Holdings, Inc Announces Financing Agreement with Yorkville Advisors Global, LP of up to $11.2 Million
CHICAGO--(BUSINESS WIRE)-- Cardio Diagnostics Holdings, Inc (the “Company”) (Nasdaq: CDIO), an artificial intelligence-powered precision cardiovascular
About this update from Cardio Diagnostics Holdings Inc.
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nCardio Diagnostics Holdings, Inc (the “Company”) (Nasdaq: CDIO), an artificial intelligence-powered precision cardiovascular medicine company, today announced that it has entered into a securities purchase agreement (“Securities Purchase Agreement”) with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, LP (“Yorkville”), under which the Company agreed to sell and issue to Yorkville convertible debentures (“Convertible Debentures”) in a gross aggregate principal amount of up to $11.2 million (“Subscription Amount”). The Convertible Debentures are convertible into common shares of the Company and are subject to various contingencies being satisfied as set forth in the Securities Purchase Agreement. The Company will receive 90% of the proceeds, with a $5 million convertible debenture being entered into at the initial closing, of which the Company received $4.5 million.\n\nThe Company intends to use the 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.\n\n\"We are thrilled to have secured this financing and are excited to use the funds to fuel our growth,\" said Meesha Dogan, PhD, CEO of the Company. \"This investment will help expand the reach of our cutting-edge tests, accelerating our mission to transform heart disease prevention and early detection. We are confident that these initiatives will drive significant value for our customers and stakeholders.\"\n\nNorthland Capital Markets acted as the sole placement agent on the transaction.\n\nAbout Cardio Diagnostics\n\nCardio Diagnostics is an artificial intelligence-powered precision cardiovascular medicine company that makes cardiovascular disease prevention and early detection more accessible, personalized, and precise. The Company was formed to further develop and commercialize clinical tests by leveraging a proprietary Artificial Intelligence (AI)-driven Integrated Genetic-Epigenetic Engine for cardiovascular disease to become one of the leading medical technology companies for enabling improved prevention, early detection, and assists in the treatment of cardio...