CytoDyn Inc. announced a private placement to issue units at a purchase price of $0.17 on December 29, 2023. Each unit sold included a fixed combination of one share of common stock and one warrant to purchase one share of common stock. The warrants to be issued to investors in the offering will be fully exercisable and will have a five-year term and an exercise price of $0.35 per share. The warrants will be exercisable in full when issued. Other than as described above, the terms of the warrants will be substantially similar to the form of warrant. As a fee to the placement agent in the offering, the Company has agreed to pay a cash fee equal to 13% of the gross proceeds received from qualified investors. The Company has also agreed to issue to the placement agent or its designees warrants with a 10-year term to purchase 15% of the total number of shares of common stock sold to qualified investors in the offering. The Company relied on the exemption provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D thereunder in the sale and issuance of shares and warrants in the foregoing offerings.

On same day, the company issued 10,300,000 units at a purchase price of $0.17 for gross proceeds of $ 1,751,000 in its first tranche.