aibioPlus Therapeutics (now Cerenome) cancels warrants, signs $50 million Lincoln Park deal
Tickers CNSY
Investors in a March 2025 private placement agreed to cancel all Series A warrants and cut Series B warrant shares to up to 35,536,380. Lincoln Park may buy up to $50.0 million of stock over 36 months.
Key facts
- Company
- Cerenome, Inc. (NASDAQ: CNSY)
- News type
- Financings
- Primary source
- Cerenome, Inc. 8-K (2025-06-17)
Plus Therapeutics, Inc. (now Cerenome, Inc.), then trading as PSTV, said on June 17, 2025 that it reworked the terms of a March 2025 private placement "to, among other items, minimize the dilutive impact" of that deal. The same day it signed an equity purchase agreement with Lincoln Park Capital Fund, LLC.
The March deal included 4,069,738 shares, pre-funded warrants for up to 23,972,400 shares, Series A warrants for up to 280,421,380 shares and Series B warrants for up to 1,261,896,210 shares, assuming full adjustment. Under a letter agreement, the purchasers agreed to cancel all Series A warrants. Series B warrants were cut to up to 35,536,380 shares, the cashless exercise ratio moved from 3:1 to 1:1, and terms that would reduce stockholders' equity were removed. The registration rights agreement was terminated.
The purchasers also agreed to return, on request, 12,241,986 shares and pre-funded warrants for 10,633,650 shares, issued at $0.66 per share and $0.659 per warrant. Plus will repay 115% of that value, using 90% of the proceeds of capital raised after July 1, 2025, according to the first filing.
Under the Lincoln Park agreement, Plus may sell up to $50.0 million of common stock over a 36-month period once a resale registration takes effect. Regular purchases are capped at 300,000 shares a day, rising to up to 500,000 shares at higher prices, and at $1,000,000 each. Lincoln Park pays 97% of a market-based price.