CervoMed Inc. Terminates Material Definitive Agreement
Ticker: CRVO · Form: 8-K · Filed: Oct 3, 2024 · CIK: 1053691
| Field | Detail |
|---|---|
| Company | Cervomed Inc. (CRVO) |
| Form Type | 8-K |
| Filed Date | Oct 3, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.001, $20,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, material-agreement
TL;DR
CervoMed just terminated a big deal, could be good or bad.
AI Summary
CervoMed Inc. announced on October 1, 2024, the termination of a material definitive agreement. The company, formerly known as Diffusion Pharmaceuticals Inc., is based in Boston, MA, and operates in the pharmaceutical preparations sector.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's operations, financial standing, and future strategic direction.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement introduces uncertainty regarding the company's business relationships and financial projections.
Key Players & Entities
- CervoMed Inc. (company) — Registrant
- October 1, 2024 (date) — Date of earliest event reported
- Diffusion Pharmaceuticals Inc. (company) — Former company name
- 20 Park Plaza, Suite 424 Boston, Massachusetts 02116 (address) — Principal executive offices
FAQ
What was the specific material definitive agreement that CervoMed Inc. terminated?
The filing does not specify the details of the material definitive agreement that was terminated.
What is the effective date of the termination of the material definitive agreement?
The earliest event reported is October 1, 2024, which is also the date of the report and the date as of which the change is reported.
What is CervoMed Inc.'s primary business sector?
CervoMed Inc. operates in the Pharmaceutical Preparations sector, with SIC code 2834.
Has CervoMed Inc. undergone any previous name changes?
Yes, CervoMed Inc. was formerly known as Diffusion Pharmaceuticals Inc. (name change effective 20160115), RestorGenex Corp (name change effective 20140307), and Stratus Media Group, Inc (name change effective 20080722).
Where are CervoMed Inc.'s principal executive offices located?
CervoMed Inc.'s principal executive offices are located at 20 Park Plaza, Suite 424, Boston, Massachusetts 02116.
Filing Stats: 556 words · 2 min read · ~2 pages · Grade level 11.7 · Accepted 2024-10-03 16:21:42
Key Financial Figures
- $0.001 — on which registered Common Stock , $0.001 par value CRVO NASDAQ Capital Market
- $20,000,000 — entitled to sell up to an aggregate of $20,000,000 of shares of the Company's common stock
Filing Documents
- crvo20241002_8k.htm (8-K) — 26KB
- 0001437749-24-030613.txt ( ) — 155KB
- crvo-20241001.xsd (EX-101.SCH) — 3KB
- crvo-20241001_def.xml (EX-101.DEF) — 11KB
- crvo-20241001_lab.xml (EX-101.LAB) — 15KB
- crvo-20241001_pre.xml (EX-101.PRE) — 11KB
- crvo20241002_8k_htm.xml (XML) — 3KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement As previously disclosed, on July 22, 2022, CervoMed Inc. (the "Company") entered into an At-The-Market Sales Agreement (the "Sales Agreement") with BTIG, LLC, as sales agent and/or principal (the "Agent"), pursuant to which the Company was entitled to sell up to an aggregate of $20,000,000 of shares of the Company's common stock, par value $0.001 (the "Shares"), from time to time through the Agent in "at-the-market offerings" as defined in Rule 415 of the Securities Act of 1933, as amended (the "ATM Offering"). On October 1, 2024, pursuant to and in accordance with Section 12(b) of the Sales Agreement, the Company notified the Agent that the Company is terminating the Sales Agreement, effective October 11, 2024. The Company is not subject to any termination penalties or other expenses related to the termination of the Sales Agreement and, prior to termination, no Shares were sold in the ATM Offering. The foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to the full text of the Sales Agreement, a copy of which was is filed as Exhibit 1.1 to the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on July 22, 2022.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: October 3, 2024 CervoMed Inc. By: /s/ William Elder Name: William Elder Title: Chief Financial Officer & General Counsel