Financing ·
Skye Bioscience entered into a Securities Purchase Agreement with Redmile Biopharma Investments III, L.P. to establish…
SKYESkye Bioscience, Inc.
Skye Bioscience entered into a Securities Purchase Agreement with Redmile Biopharma Investments III, L.P. to establish an Equity Line of Credit (ELOC) with an aggregate purchase price of up to $22,000,000. The ELOC amount is reduced by any PIPE proceeds exceeding $103,000,000 and is fully cancelled if PIPE proceeds reach $125,000,000. Purchases occur monthly at a price equal to the lesser of the PIPE Price or Market Price, capped at $2,000,000 per month, with a floor of 90% of the PIPE Price. The Company also issued a warrant exercisable for shares valued at $5,000,000 divided by the PIPE Price, exercisable from January 1, 2027, to January 1, 2030. Skye Bioscience operates in the biotechnology industry.