Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 191

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 191
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 Common Stock at a price per share of $312 (as adjusted from time to time in accordance with the terms thereof)
for a two-year period after the date of exercisability. There is no established public trading market for the April 2024 Warrants. Notwithstanding
the foregoing, the April 2024 Warrants shall vest, and not be subject to forfeiture, with respect to 25% of such March 2024 Warrants
commencing on the 90th day after the date of the April Lock-Up Agreement and 25% on each subsequent 90-day anniversary, in each case
vesting only if the holder agrees to continue to have its shares of common stock remain locked up pursuant to the April Lock-Up Agreement
on such date.

Liability
Classified Warrants

As
discussed in Note 2, 20,000 PIPE Warrants were issued to the PIPE Investors as of the closing of the Merger pursuant to subscription
agreements. The warrants provide the PIPE Investors the right to purchase up to 20,000 shares of Common Stock at an exercise price of
$1,150. Additionally, on the Closing Date of the Merger, the Company issued 540 A.G.P. Warrants to an advisor for services provided directly
related to the Merger. The warrants provide the advisor the right to purchase up to 540 shares of Common Stock at an exercise price of
$1,100 per share.

The
warrants issued to the PIPE Investors and the advisor contain materially the same terms and are exercisable for a period of five years,
beginning on October 22, 2023.

The
PIPE Warrants are exercisable for cash or on a cashless basis, at the holder’s option. The PIPE Warrants are not redeemable by
the Company.

The
A.G.P. Warrants are exercisable for cash or on a cashless basis, at the holder’s option. The Company may call the A.G.P. Warrants
for redemption, in whole and not in part, at any time after the A.G.P. Warrants become exercisable and prior to their expiration, at
a price of $1.00 per A.G.P. Warrant,

    ●
    upon
    not less than 30 days’ prior written notice of redemption to each warrant holder;

    ●
    if,
    and only if, the reported last sale price of the Common Stock equals or exceeds $1,800 per share (as