0001213900-26-038014
SEC filingCadrenal Therapeutics entered into a warrant inducement agreement resulting in $2.5 million gross proceeds from exercising 571,430 existing warrants at $4.50/share and issuing new unregistered warrants for the same number of shares.
Cadrenal Therapeutics secured approximately $2.5 million in gross proceeds through a warrant inducement structure, where a holder exercised existing warrants originally priced at $16.50 per share at a reduced $4.50 rate, equal to Nasdaq's Minimum Price plus $0.25. In exchange, the company issued two tranches of new warrants—Series B-1 with a 5-year term and Series B-2 with 18 months—each covering 100% of the exercised shares (571,430 total per series), exercisable immediately at $4.50. These new warrants include standard protections like cashless exercise after 60 days if no registration is effective, beneficial ownership caps at 4.99%/9.99%, and adjustment rights for stock splits or fundamental transactions, where holders can demand Black Scholes value redemption. H.C. Wainwright & Co., under an August 2025 engagement, earned a 7% cash fee and placement agent warrants for 37,143 shares at a 125% premium ($5.625). The transaction, closing April 1, 2026, bolsters working capital without immediate dilution from new share issuances, though future exercises could add ~1.14 million shares plus 37k from agent warrants. A resale S-3 will be filed within 30 days, with effectiveness targeted in 60-90 days, and a 15-day issuance standstill applies post-closing. This financing extends runway amid clinical development needs while leveraging existing warrant holders.