Summary by Futu AI
On September 30, 2024, Aclarion, Inc., a Delaware-incorporated company listed on the Nasdaq Stock Market under the symbol ACON, announced the completion of a financing agreement with accredited investors. The company successfully raised $1 million through the issuance of 1,000 shares of Series C convertible preferred stock at $1,000 per share, along with warrants exercisable for 5,685,049 shares of common stock. The preferred stock comes with a 10% annual dividend, payable quarterly, and is convertible into common stock at $0.1759 per share. The warrants have a 5.5-year term and an exercise price equal to the conversion price of the preferred stock. Aclarion intends to use the proceeds for general corporate purposes. The agreement includes anti-dilution provisions and sets forth conditions under which the company can redeem the preferred shares. Additionally, Aclarion has agreed to file a registration statement with the SEC for the resale of the common stock issuable upon conversion of the preferred stock or exercise of the warrants. The securities were sold in reliance on an exemption from registration under the Securities Act.
