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Investing.com -- Predictive Oncology Inc (NASDAQ:POAI) stock fell 4.7% after the AI-driven drug discovery company announced a standby equity purchase agreement with an investment fund managed by Yorkville Advisors Global.
The agreement gives Predictive Oncology the right to sell up to $10 million worth of its common stock to YA II PN, LTD, a fund managed by Yorkville Advisors. The company emphasized that it will maintain full control over the timing and amount of any stock sales under the agreement.
Predictive Oncology stated that the partnership is intended to provide "an efficient and flexible source of funding" to support its ongoing drug discovery initiatives, biomarker research, and business development opportunities with biopharmaceutical companies.
According to the terms disclosed, there are no warrants, derivatives, or other share classes associated with the standby equity purchase agreement. The company is not obligated to use any portion of the $10 million available and faces no minimum commitments or penalties. Additionally, the agreement does not impose any restrictions on Predictive Oncology’s operating activities.
The company plans to use any proceeds to advance its artificial intelligence and machine learning capabilities in drug discovery and repurposing efforts.
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