CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification, announced the extension of the expiration date of the Series B Right Warrants (the “Series B Right Warrants”) issued in the Company’s Rights Offering in January 2025. The Series B Warrants were previously scheduled to expire on April 10, 2025, and will now expire on June 10, 2025 instead.
The Series B Right Warrants are exercisable commencing on their date of issuance at an exercise price equal to 90% of the 5-day volume weighted average price of our common stock over the last 5-trading days prior to the expiration date of the Series B Right Warrants on June 10, 2025, rounded down to the nearest whole cent but (x) not lower than $2.00 and (y) not higher than $4.00.
Exercise of the Series B Right Warrants requires additional investment separate from the exercise of subscription rights in the Rights Offering. Approximately 4.8 million shares of common stock remain reserved for exercise of the Series B Right Warrants, after which any remaining unexercised Series B Right Warrants will immediately expire worthless. Instructions to exercise the Series B Right Warrants will be fulfilled in the order they are received. Holders of the Series B Right Warrants are required to provide the maximum price of the Right Warrant of $4.00 to exercise their warrant and will be refunded the difference based on the final Series B Right Warrant exercise price.
