Medicus Pharma (NASDAQ:MDCX, TSX-V:MDCX) announced that it has entered into a Standby Equity Purchase Agreement with YA II PN, an investment fund managed by Yorkville Advisors Global, to sell up to US$15 million of its shares over 36 months.
The investor’s purchase of shares under the agreement is subject to SEC approval of a resale registration statement.
Issuances are limited to 19.99% of outstanding shares unless pricing conditions allow otherwise, with a further cap preventing the investor and affiliates from holding more than 4.99% at any time.
Shares will be priced at 97% of the market price over a three-day period, with the company retaining the right to set a minimum price.
Additionally, Medicus announced it will be voluntarily delisting its shares from the TSX Venture Exchange.
The company noted its low trading volumes on the TSXV, with Nasdaq already handling the majority of its trading activity. Medicus’ shares will remain listed on Nasdaq under "MDCX."