Wed, Aug 14, 9:02 PM (153 days ago)
On August 8, 2024, Cyber App Solutions Corp. entered into a Securities Purchase Agreement to issue 8,000 shares of Series A Convertible Preferred Stock for $8 million. The capital raised will be utilized to settle convertible notes, fund equipment for a carbon dioxide and helium processing plant, and cover operational expenses. The Series A Preferred Stock has a 10% annual dividend, payable in-kind, and ranks senior to common stock regarding asset distribution upon liquidation. Holders can convert their shares into common stock at a conversion price of $4.84, subject to anti-dilution adjustments. Additionally, a registration rights agreement was established to facilitate the resale of common stock upon conversion. The preferred stock will remain outstanding for two years and is subject to specific voting rights and restrictions on corporate actions without majority consent from holders. This financing event may positively impact the company's financial position and stock value as it aims to enhance operational capabilities.