Summary by Moomoo AI
On February 2, 2024, Cardio Diagnostics Holdings, Inc. completed a private placement transaction with seven accredited investors, issuing 561,793 units for gross proceeds of $1,000,000. Each unit consists of one share of common stock and a six-year warrant to purchase additional shares at $1.78 each. The company plans to register these shares and warrants for resale within 180 days and has granted the investors rights to participate in future financings until February 2, 2025, with certain exceptions. The placement agent, Altitude Capital Group, LLC, received a 10% commission and 20% warrant coverage on the transaction. The company's Chairman of the Board, Dr. Warren Hosseinion, who holds a 10% interest in Altitude Capital, recused himself from board decisions regarding the placement. The funds raised are intended for working capital and general corporate purposes. The securities were issued in reliance on exemptions from registration requirements under the Securities Act of 1933.