Skye Bioscience enters up to USD 22 million equity line with Redmile affiliate in unregistered share sale
SKYE•Warrant and adjustment provisions
The deal includes a warrant sized at USD 5 million divided by the PIPE price, exercisable Jan. 1, 2027 through Jan. 1, 2030.
The ELOC drops dollar-for-dollar if funded PIPE proceeds exceed USD 103 million, falling to zero if the funded amount reaches USD 125 million.
Unregistered sales and pricing terms
Sales will be unregistered under Securities Act Section 4(a)(2), using common stock or non-voting common stock convertible 1-for-1.
Monthly issuances are capped at USD 2 million, with pricing tied to the PIPE price or market price, subject to a 10% floor discount.
Equity line of credit with Redmile affiliate
Skye Bioscience entered an equity line of credit with Redmile affiliate Redmile Biopharma Investments III for up to USD 22 million.
