Cytori Therapeutics, Inc. (CYTX)

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Lincoln Park Capital Private Equity Fund Agrees to Buy up to $5 Million of Cytori Therapeutics Stock

9/21/18, 4:55 PM
04:55 PM EDT, 09/21/2018 (MT Newswires) -- Cytori Therapeutics (CYTX) late Friday said a Chicago-area private-equity and venture-capital firm has agreed to buy up $5 million of the company's sock from time to time.

Under terms of the purchase agreement, Lincoln Park Capital Fund is limited to buying no more than 250,000 Cytori shares per day and spending no more than $1 million daily on the company's shares. Lincoln Park also cannot buy Cytori stock during consecutive trading sessions and it is limited to owning no more than 4.99% of its outstanding stock.

Lincoln Park also will pay a $100,000 commitment fee to the company within five days of the purchase agreement becoming effective and it has agreed to an initial purchase of 380,000 shares priced at either the prior day's closing price or the 10-day average closing price, which ever is lower, according to a regulatory filing detailing the agreement.