Biodesix inks stock purchase deal for up to $50M with Lincoln Park Capital
Mar. 07, 2022 4:05 PM ETBDSXBy: Jessica Kuruthukulangara, SA News Editor
- Biodesix (NASDAQ:BDSX) entered into a purchase agreement for the issue and sale of its stock, from time to time, of up to $50M with institutional investor Lincoln Park Capital Fund.
- BDSX will have the right at its sole discretion, but not the obligation, to sell to LPC up to $50M worth of stock over the 36-month term of the deal.
- There are no upper limits to the price per share LPC may pay to purchase the stock and the purchase price will be based on the prevailing market prices at the time of each sale.
- BDSX controls the timing and amount of any future sales of its stock to LPC.
- LPC has agreed not to cause or engage in any direct or indirect short selling or hedging of BDSX stock.
- Biodesix may terminate the purchase agreement at any time, at its discretion, without any cost or penalty.
- In consideration for LPC entering into the deal, BDSX issued shares to LPC as a fee for LPC's obligation to purchase stock.
- BDSX intends to use any net proceeds from the sale of its stock to LPC to advance its growth strategy and for general corporate purposes.