May. 6 at 10:50 AM
$CTOR Now that I had a full evening to digest last night's news:
• CTOR received
$21.5M upfront from last night's transactions.
$10M from the 1st tranche of the loan to Avenue and
$11.5M from the warrant exercise by Armistice. There is
$15M in available financing from 2 additional tranches of the Avenue credit agreement.
• A total of 36,666,667 new warrants were issued at
$0.90. 11,111,111 to the lender (Avenue) and 25,555,556 to the warrant exerciser (Armistice). They will also issue additional warrants to Avenue if CTOR taps into the 2 additional tranches.
• The
$11.5M warrant exercise puts CTOR's outstanding shares at approx 101m, assuming no exercise of any of the newly issued warrants.
$CTXR's ownership stake in CTOR drops to approx 65%.
• Armistice also had 15,697,024 warrants from Dec 2025 repriced from
$1.09 to
$0.90. These were not part of yesterday's
$11.5M warrant exercise.