Cardio Diagnostics Raises $1M in Private Placement

Cardio Diagnostics Holdings (CDIO) has released an update to notify the public and investors about the unregistered sales of equity securities.

On February 2, 2024, Cardio Diagnostics Holdings, Inc. raised $1,000,000 through a Private Placement by issuing 561,793 units to 7 accredited investors, each unit comprising a share of common stock and a six-year warrant at $1.78 per share. They also granted these investors the right to participate in future financings for a year, excluding certain conditions. The company plans to use the proceeds for working capital and general corporate purposes and will register the shares for resale within 180 days. Altitude Capital Group, LLC received a 10% commission and 20% warrant coverage as the placement agent for the transaction. The securities were issued under exemptions from the Securities Act’s registration requirements.

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For a comprehensive understanding of the announcement, you can read the full document here.