Skye Bioscience, Inc. (SKYE) Form 8-K — Aug 24, 2026
Skye Bioscience entered into a Securities Purchase Agreement with Redmile Biopharma Investments III, L.P. on August 21, 2026, establishing an equity line of credit of up to $22 million. Redmile is obligated to purchase SKYE shares in monthly drawdowns of up to $2 million over three years following the closing of the related PIPE, priced at the lesser of the PIPE price or market price, with a floor at a 10% discount to the PIPE price. The facility includes a warrant on shares valued at $5 million divided by the PIPE price, exercisable from January 1, 2027 through January 1, 2030.
Key figures
- Gross Proceeds
- Up to $22,000,000 (ELOC capacity, subject to reduction)
- Eloc capacity
- $22,000,000
- Facility term
- Three years from PIPE closing date
- Exchange cap shares
- 7080740
- Monthly purchase cap
- $2,000,000
- Purchase price floor
- Not lower than 10% discount to PIPE Price
- Minimum price reference
- $0.2804
- Warrant exercise window
- January 1, 2027 to January 1, 2030
- Pipe reduction threshold
- $103,000,000
- Warrant underlying value
- $5,000,000
- Pipe elimination threshold
- $125,000,000
- Registration filing deadline
- Within 10 business days of Closing Date
- Warrant exercise price floor
- Not lower than 90% of PIPE Price
- Buyer expense reimbursement cap
- $250,000
- Buyer beneficial ownership limit
- 9.99%
- Exchange cap percent of outstanding
- 19.99%
Price after filing
Close on the filing date to close N calendar days later (from $2.17). Historical, not a forecast.
AI analysis
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