ZyVersa Therapeutics announcs share purchase agreement for up to $10M

ZyVersa Therapeutics (ZVSA) has entered into a share purchase agreement with Williamsburg Venture Holdings. The company said, “We anticipate that this partnership will provide a flexible source of funding, enabling the company to progress clinical development of Cholesterol Efflux MediatorVAR 200 to treat chronic kidney diseases…The SPA allows ZyVersa to be judicious and plan for the timing and amount of any equity sales as we advance clinical development of VAR 200 to achieve key milestones. We aim to use the SPA in a manner that will minimize dilution while creating and sustaining shareholder value.” Under the terms of the agreement, ZyVersa has the right to sell, and WVH has the obligation to purchase up to $10M worth of common stock over a 24-month period at prices that are a discount to the market price after each sale to WVH. ZyVersa, at its sole discretion, controls the timing and amount of all sales of common stock. There are no warrants, derivatives, or other share classes associated with the SPA. In connection with the execution of the SPA, ZyVersa will issue 2.5% of commitment shares to WVH over the term of the deal, based on the percentage of the $10M of common stock that has been purchased by WVH.