Benzinga | Apr 30, 2021 04:21PM EDT

Brooklyn ImmunoTherapeutics On Apr. 26 Entered Purchase Agreement With Lincoln Park Capital Fund Under Which Co. May Sell Up To $200M Of Common Stock To Lincoln Park

On April 26, 2021, we entered into a purchase agreement, or the Purchase Agreement, with Lincoln Park Capital Fund, LLC, or Lincoln Park, under which, subject to specifiedterms and conditions, we may sell to Lincoln Park up to $20.0 million of shares of common stock, par value $0.005 per share, from time to time during the term of the PurchaseAgreement.Additionally, on April 26, 2021, we entered into a registration rights agreement, or the Registration Rights Agreement, with Lincoln Park, pursuant to which we agreed to file aregistration statement with the Securities and Exchange Commission, or the SEC, covering the resale of shares of common stock issued to Lincoln Park under the PurchaseAgreement.Under the terms and subject to the conditions of the Purchase Agreement, we have the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated topurchase up to $20.0 million of shares of common stock. Any such sale of common stock will be subject to specified limitations and may occur from time to time, at ourdiscretion, over a 36-month period commencing after the date that a registration statement covering the resale of shares of common stock issued under the PurchaseAgreement, which we agreed to file with the SEC pursuant to the Registration Rights Agreement, is declared effective by the SEC and a final prospectus in connectiontherewith is filed and the other conditions set forth in the Purchase Agreement are satisfied. Lincoln Park has no right to require us to sell any common stock to Lincoln Park,but Lincoln Park is obligated to make purchases as we direct, subject to conditions set forth in the Purchase Agreement.