Scinai Secures $2M Equity Commitment

TL;DR

Scinai gets $2M equity boost from its biggest shareholder.

AI Summary

On August 20, 2024, Scinai Immunotherapeutics Ltd. announced a $2 million private equity commitment agreement with its largest existing shareholder. This agreement aims to provide additional funding for the company's operations and development initiatives.

Why It Matters

This funding infusion from a major shareholder could provide Scinai Immunotherapeutics with crucial capital to advance its pipeline and operational goals.

Risk Assessment

Risk Level: medium — While the commitment is from a major shareholder, the amount is relatively small for a biotech company, and further funding may still be required.

Key Numbers

• $2.0M — Private Equity Commitment (Funding secured from largest shareholder)

Key Players & Entities

• Scinai Immunotherapeutics Ltd. (company) — Filer of the report
• $2 million (dollar_amount) — Amount of private equity commitment
• August 20, 2024 (date) — Date of the press release and agreement
• largest existing shareholder (person) — Party providing the equity commitment

FAQ

From the Filing

0001213900-24-070981.txt : 20240820 0001213900-24-070981.hdr.sgml : 20240820 20240820110801 ACCESSION NUMBER: 0001213900-24-070981 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240820 FILED AS OF DATE: 20240820 DATE AS OF CHANGE: 20240820 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Scinai Immunotherapeutics Ltd. CENTRAL INDEX KEY: 0001611747 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] ORGANIZATION NAME: 03 Life Sciences IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37353 FILM NUMBER: 241223394 BUSINESS ADDRESS: STREET 1: JERUSALEM BIOPARK, 2ND FLOOR STREET 2: HADASSAH EIN KEREM CAMPUS CITY: JERUSALEM STATE: L3 ZIP: 00000 BUSINESS PHONE: 972-8-9302529 MAIL ADDRESS: STREET 1: JERUSALEM BIOPARK, 2ND FLOOR STREET 2: HADASSAH EIN KEREM CAMPUS CITY: JERUSALEM STATE: L3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: BiondVax Pharmaceuticals Ltd. DATE OF NAME CHANGE: 20140624 6-K 1 ea0211894-6k_scinai.htm REPORT OF FOREIGN PRIVATE ISSUER UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 Under the Securities Exchange Act of 1934 For the Month of August 2024 Commission File Number: 001-37353 SCINAI IMMUNOTHERAPEUTICS LTD. (Translation of registrant’s name into English) Jerusalem BioPark, 2nd Floor Hadassah Ein Kerem Campus Jerusalem, Israel (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ Explanatory Note On August 20, 2024, Scinai Immunotherapeutics Ltd. issued a press release announcing its entry into a $2 million private equity commitment agreement with its largest existing shareholder . A copy of the press release is furnished herewith as Exhibit 99.1. This Report on Form 6-K is hereby incorporated by reference into the registrant’s Registration Statements on Form S-8 (File No. 333-271293 and File No. 333-239344 ) and Form F-3 (File No. 333-274078 and File No. 333-276767 ), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished. Exhibit Index Exhibit No. Description 99.1 Press release dated August 20, 2024. 1 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Scinai Immunotherapeutics Ltd. Date: August 20, 2024 By: /s/ Amir Reichman Amir Reichman Chief Executive Officer 2 EX-99.1 2 ea021189401ex99-1_scinai.htm PRESS RELEASE DATED AUGUST 20, 2024 Exhibit 99.1 Scinai Announces Entering into $2 Million Private Equity Commitment Agreement with its largest Existing Shareholder JERUSALEM, Aug. 20, 2024 /PRNewswire/ -- Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI);(“Scinai”, or the “Company”), a biopharmaceutical company focused on developing inflammation and immunology (I&I) biological products and on providing CDMO services through its Scinai Bioservices business unit, today announced that it has entered into a $2 million Investment Commitment Agreement (the “Agreement”) with RK Stone Miami LLC, an affiliate of Mr. Daniel Stone, the largest shareholder of the Company (the “Investor”). Pursuant to the Agreement, the Company may issue and sell ADSs to the Investor, from time to time through December 31, 2024 (the “Commitment Period”), for an aggregate purchase price of up to $2 million. Each such sale of ADSs may be initiated (at the Company’s discretion) by the Company providing an advance notice to the Investor of the sale of ADSs in a minimum amount of $200,000 and a maximum amount of $500,000, provide