SCYNEXIS Inc. (NASDAQ:SCYX), a pharmaceutical company, has entered into a Controlled Equity OfferingSM Sales Agreement with Cantor Fitzgerald & Co. The agreement, dated today, allows the company to offer and sell up to $50 million of its common stock from time to time through Cantor as its sales agent.
The sales of SCYNEXIS's common stock will be conducted on an "at-the-market" basis directly on The Nasdaq Global Market, other trading markets, or through a market maker. The shares will be offered under a previously filed registration statement, which became effective November 27, 2023, and a prospectus supplement filed today.
SCYNEXIS has the discretion to sell the shares and is not obligated to sell any specific amount. The agreement with Cantor will terminate upon the sale of all $50 million of common stock or if either party decides to end the agreement.
Cantor will receive a commission of 3% of the gross sales price of any shares sold. Additionally, SCYNEXIS has agreed to indemnify Cantor against certain liabilities, including those under the Securities Act of 1933.
In conjunction with the new sales agreement, SCYNEXIS also announced the termination of previous agreements with Cantor and Ladenburg Thalmann & Co. Inc. from May 17, 2021. Under these prior agreements, the company was authorized to sell up to $50 million of its common stock, of which approximately $3.8 million worth of shares were sold.
The initiation of this new sales agreement and the termination of the prior agreements were both reported today in a Form 8-K filed with the SEC. The legal opinion of Cooley LLP, relating to the validity of the shares being offered, was also filed.
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