Corporate ActionJul 9, 2026, 04:08 PM
DNA X Raises $2.5M, Converts $3.1M Debt to Meet Nasdaq Equity Rule
AI Summary
DNA X, Inc. completed a private placement, selling 929,864 shares of Series B Preferred Stock for $2.5 million in cash and converting $3.1 million of outstanding convertible notes. These transactions, along with the filing of a Certificate of Designation, are expected to increase the company's pro forma stockholders' equity to $3.798 million, exceeding Nasdaq's $2.5 million listing requirement. The company awaits Nasdaq's formal determination regarding its compliance.
Key Highlights
- Sold 929,864 Series B Preferred Stock shares.
- Received $2.5 million in cash proceeds from equity sale.
- Converted $3.1 million of convertible promissory note debt.
- Filed Certificate of Designation for Series B Preferred Stock on July 6, 2026.
- Anticipates selling additional 416,667 shares by August 14, 2026.
- Pro forma stockholders' equity estimated at $3.798 million as of July 9th.
- Believes it meets Nasdaq's $2.5 million minimum equity requirement.
Price Impact
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