
On May 5, 2015, Cytori Therapeuti, Inc., a Delaware corporation (the "Company"), entered into a securities purchase agreement with certain institutional investors (the "Purchase Agreement") pursuant to which the Company agreed to sell up to $25,000,000 of units, with each unit consisting of one share of its common stock (the "Shares") and one warrant to purchase one share of its common stock (the "Warrants") at a purchase price of $0.77 per unit (the "Units"), in a registered direct offering (the "Offering"). Each Warrant will have an initial exercise price of $1.02 per share, will be exercisable six months after the date of issuance and will expire five years from the date it becomes exercisable. The Shares and the Warrants are immediately separable and will be issued separately. The Offering is expected to take place in two separate closings.
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