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Cyclo Therapeutics, Inc. Secures $2M in Private Placement: Key Financial Insights

$CYTHW
Form 8-K
Filed on: 2020-04-27
Source
Cyclo Therapeutics, Inc. Secures $2M in Private Placement: Key Financial Insights

Here are the key points extracted from the provided section of the financial report (Form 8-K) for Cyclo Therapeutics, Inc.:

  1. Company Information:
  • Name: Cyclo Therapeutics, Inc.
  • Incorporation: Florida
  • IRS Employer Identification Number: 59-3029743
  • Principal Executive Office Address: 6714 NW 16th Street, Suite B, Gainesville, Florida 32563
  • Telephone Number: 386-418-8060
  1. Date of Report: April 27, 2020 (reflecting events dated April 24, 2020).
  2. Private Placement of Shares:
  • On April 24, 2020, the company completed a private placement of common stock.
  • Shares Sold: 20 million shares of common stock.
  • Price Per Share: $0.10.
  • Gross Proceeds: $2,000,000.
  1. Exemption from Registration:
  • The private placement was exempt from registration requirements under the Securities Act of 1933, specifically under Section 4(a)(2) and Rule 506 of Regulation D.
  1. Placement Agent Details:
  • No financial adviser or placement agent was used for this private placement.
  • The company will pay ThinkEquity a cash fee of $29,637 (8% of the gross proceeds) for investors they introduced during a prior placement in May 2019.
  • Additionally, ThinkEquity will receive a warrant to purchase 22,228 shares at an exercise price of $0.11 per share.
  1. Emerging Growth Company Status:
  • The document indicates that Cyclo Therapeutics, Inc. is an emerging growth company but does not provide specific details on the implications of this status.

This summary captures the essential elements related to the private placement and company details that are important for investors and analysts reviewing the SEC filing.