Aclarion, Inc. (NASDAQ:ACON), a medical laboratory services provider, has terminated its At-The-Market Issuance Sales Agreement with Ascendiant Capital Markets, LLC, effective immediately. The announcement was made today, as per a filing with the Securities and Exchange Commission (SEC).
The agreement, which was initiated on September 24, 2024, allowed Aclarion to sell shares of its common stock at market prices up to an aggregate offering price of $10 million. During the term of the Sales Agreement, Aclarion sold approximately 1.6 million shares, resulting in gross proceeds of around $300,000.
The termination of this agreement means that Aclarion will no longer have the facility to sell its common stock through the "at the market" offering under the previous terms. This sales method, as defined in Rule 415 under the Securities Act of 1933, is now closed to the company.
The original Sales Agreement was included as Exhibit 1.1 in Aclarion's Current Report on Form 8-K filed with the SEC on September 24, 2024. For a detailed understanding of the Sales Agreement, interested parties are referred to that document.
Aclarion, headquartered in Broomfield, Colorado, operates under the medical laboratories industry and is incorporated in Delaware. The company's common stock and warrants are both listed on the Nasdaq Stock Market under the symbols ACON and ACONW, respectively.
This move comes as part of the company's broader business strategy, although no specific reasons for the termination were disclosed in the filing. The information presented is based on the company's latest SEC filing and is intended to provide shareholders and the investment community with factual updates on corporate actions.
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