BioCardia, Inc. entered into a securities purchase agreement with certain qualified institutional buyers and institutional accredited investors, and Peter Altman, President and Chief Executive Officer of the company for issuance of 1,904,870 shares at a price of $0.4331 per share $824,999.197; and 108,108 shares at a price of $0.4625 per share $49,999.95; for aggregate gross proceeds of $874,999.147 on February 9, 2024. The company will also issue warrants to purchase an aggregate of 1,006,488 shares. The transaction included participation from Peter Altman for 108,108 shares and a warrant to purchase 54,054 warrant shares.

The private placement is expected to close on February 13, 2024, subject to the satisfaction of customary closing conditions. The warrants will be exercisable at an exercise price equal to $0.4423 per warrant share, subject to certain adjustments, as provided under the terms of the warrant, and will be exercisable at any time on or after the closing date until February 13, 2026. The securities to be issued pursuant to the purchase agreement and warrant have not been registered under the Securities Act of 1933, as amended, or any state securities laws and will be issued pursuant to the exemption from registration provided for under Section 4(a)(2) of the Securities Act.