Company: CDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022373
Chunk: 38

Company: CDT Equity Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 38
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 the PIPE Subscription Agreement (the “PIPE Subscription
Agreement “) for an aggregate purchase price of $20.0 million, the Company issued an aggregate of 166 shares of the Company’s
Common Stock and PIPE Warrants (the “PIPE Warrants”) to purchase 166 shares of Company Common Stock. At the time of the execution
of the PIPE Subscription Agreement, Corvus and its affiliates entered into a participation and inducement agreement with Nirland whereby
Corvus agreed to provide certain payments and economic benefits to Nirland. In certain circumstances, Nirland may have a right to cause
Corvus to transfer 2,504 shares held by Corvus to Nirland.

    22

Nirland

On
August 6, 2024, the Company entered into the August 2024 Nirland Note with Nirland, a related party of the Company. The Company
determined that Nirland was a related party due to Nirland’s ownership interest in the Company concurrently with the execution
of the August 2024 Nirland Note. Additionally, on October 28, 2024, the Company issued Nirland the October 2024 Nirland Note; on October 31, 2024, the Company and Nirland amended the August 2024 Nirland Note; and on November 22, 2024, the
Company and Nirland amended the August 2024 Nirland Note for a second time. As of September 30, 2025, no obligations remained under
the terms of the August 2024 Nirland Note and October 2024 Nirland Note, and Nirland did not own or beneficially own shares of the
Company’s Common Stock. Refer to Note 5 and Note 6 for additional information.

SARBORG

On
December 12, 2024, March 31, 2025, July 1, 2025 and August 11, 2025, the Company entered into the Sarborg Service Agreement, the Sarborg
Additional Agreement, the First Addendum and Second Addendum respectively. Dr. Andrew Regan, Chief Executive Officer and member of the
Board, also sits on the board of directors of Sarborg but does not have an equity interest in Sarborg. On January 17, 2025, the Company
issued 189
shares of fully vested unregistered Common Stock as an initial
fee for the Sarborg Services Agreement. The fair value of the shares issued