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Beyond Air, Inc. (NASDAQ: XAIR) ("Beyond Air" or the "Company"), a commercial stage medical device and biopharmaceutical company focused on harnessing the power of nitric oxide (NO) to improve the lives of patients, today announced it has entered into financing agreements with Streeterville Capital, providing up to $32 million in total potential proceeds.
In addition, the Company entered into a $20 million Equity Line of Credit ("ELOC") Agreement and a Registration Rights Agreement with Streeterville Capital. The ELOC provides the Company with the right, but not the obligation, to sell up to $20 million of newly issued shares of its common stock to Streeterville Capital over a 24-month period, subject to customary conditions and limitations. Proceeds from the ELOC may be used for general corporate purposes, including working capital, commercial operations, repayment of the promissory note, pre-clinical and clinical activities, and other strategic initiatives. Under the terms of the agreement, the Company will file an S-1 Resale Registration covering resale of the shares Streeterville Capital may receive under the ELOC.
Posted In: XAIR
