Scinai Immunotherapeutics announced that it has entered into a $2M investment commitment agreement with RK Stone Miami, an affiliate of Daniel Stone, the largest shareholder of the company. Pursuant to the agreement, Scinai may issue and sell ADSs to the Investor, from time to time through December 31, 2024, for an aggregate purchase price of up to $2M. Each such sale of ADSs may be initiated by the company providing an advance notice to the investor of the sale of ADSs in a minimum amount of $200,000 and a maximum amount of $500,000, provided the maximum amounts in any month may not exceed $500,000 and the Company may not provide advance notices for an aggregate amount greater than $1.5M prior to December 1, 2024.
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