$12.9 Million Transaction Includes Approximately $3.4 Million of New Fundingand a $9.5 Million Full Cancellation of Outstanding Senior Notesand Extinguishment of Series B Preferred Shares The Company Also Established a $35 Million Equity Line of Credit WARRINGTON, Pa., July 22, 2024 (GLOBE NEWSWIRE) -- Windtree Therapeutics, Inc. ("Windtree" or "the Company") (NasdaqCM: WINT), a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases, today announced the closing of a private placement of (i) 16,099 shares of the Company's Series C Convertible Preferred Stock, $0.001 par value (the "Series C Preferred Stock"), and (ii) warrants (the "Warrants") to acquire up to the aggregate number of 3,440,631 additional shares of the Company's common stock, $0.001 par value per share (the "Common Stock"), for aggregate gross proceeds of approximately $12.9 million, including $9.5 million through the cancellation and extinguishment of certain holders' (x) outstanding (i) 10% senior convertible notes due January 2025, (ii) senior secured notes due June 2025, (iii) senior unsecured promissory notes due July 2025, and (iv) senior secured notes due July 2025, and (y) 5,500 shares of the Company's Series B Convertible Preferred Stock. The Warrants will have an exercise price of $4.11 per share, subject to customary adjustments, will become exercisable on the six month and one day anniversary of the issuance date (the "Initial Exercisability Date"), and expire on the fifth anniversary of the Initial Exercisability Date. The Company filed a Current Report on Form 8-K with the Securities and Exchange Commission on July 22, 2024, with additional details of the transaction. The Company agreed to seek stockholder approval for the issuance of all of the shares of Common Stock issuable upon conversion of the Series C Preferred Stock and exercise of the Warrants in accordance with the rules and regulations of the Nasdaq Stock Market. The Company intends to use the gross proceeds from the private placement for working capital and general corporate purposes. Kingswood Capital Partners, LLC acted as placement agent for the transaction. Additionally, on June 26, 2024, Windtree entered into a Common Stock Purchase Agreement with an equity line investor (the "Purchaser"), whereby the Company has the right, but not the obligation, to sell to the Purchaser, and, subject to limited exceptions, the Purchaser is obligated to purchase, up to $35 million of newly issued shares of the Company's common stock. The Company does not have a right to commence any sales of Common Stock to the Purchaser until the time when all of the conditions to the Company's right ...