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Surrozen, Inc. (NASDAQ:SRZN), a $100.1 million market cap biotechnology company currently trading at $12.19, announced Friday that it has entered into a Sales Agreement with TD Securities (USA) LLC, also known as TD Cowen. Under the agreement, Surrozen may offer and sell up to $50 million of its common stock, par value $0.0001 per share, from time to time through TD Cowen acting as sales agent or principal. According to InvestingPro analysis, the company maintains a FAIR financial health score, though it’s currently experiencing rapid cash burn.
The company is not obligated to sell any shares under the agreement. According to the filing, TD Cowen will use commercially reasonable efforts to sell shares based on Surrozen’s instructions, which may include price, time, size limits, or other parameters. Sales may be conducted in negotiated transactions, block trades, or as “at the market offerings” as defined under SEC rules. These transactions may occur through the Nasdaq Capital Market or other existing trading markets for Surrozen’s common stock.
Surrozen will pay TD Cowen a commission of up to 3.0% of the gross sales proceeds from any shares sold under the agreement. The company has also provided TD Cowen with customary indemnification and contribution rights. Either party may terminate the agreement upon written notice, and the offering will end upon such termination.
The issuance and sale of shares, if any, will be made under Surrozen’s existing shelf registration statement on Form S-3, filed with the Securities and Exchange Commission on May 20, 2025, and related prospectus documents.
Cooley LLP has issued a legal opinion regarding the validity of the shares to be sold.
This information is based on a press release statement contained in the company’s Form 8-K filing with the SEC.
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