From GlobeNewswire: 2025-01-03 09:01:00

Cyclacel Pharmaceuticals, Inc. announced a securities purchase agreement with investor David Lazar for the purchase of 1,000,000 shares of Series C Convertible Preferred Stock and 2,100,000 shares of Series D Convertible Preferred Stock at $1.00 per share, totaling $3.1 million. The proceeds will be used to settle liabilities and for corporate purposes. Lazar will convert C Preferred Stock into 2.65 shares of common stock, with a 5% ownership limitation until stockholder approval. The Board of Directors will be reconstituted, with David Lazar appointed as interim CEO. The Company also entered a Warrant Exchange Agreement for 24,844,725 shares of common stock. Management plans to reduce costs while exploring strategic alternatives. Nasdaq extended the deadline to meet minimum equity requirements to February 6, 2025, with delisting possible if non-compliant. For more information, visit www.cyclacel.com.



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