The Oncology Institute, Inc. (TOI) Monday has entered a securities purchase agreement with accredited investors for a private placement expected to raise approximately $16.5 million.
Proceeds will support the company's growth and working capital.
Participants include existing investors, company management, and board members. The transaction is set to close on March 26, 2025.
Investors will receive units priced at $2.2084 per unit, each containing two common shares or pre-funded warrants and common warrants to purchase an additional share. The pre-funded warrants are exercisable at $0.0001 per share, while common warrants are priced at $1.1980 per share.
Additionally, Deerfield Management Company will exchange $4.1 million in senior secured convertible notes for preferred stock convertible into 3,723,283 common shares and warrants for 1,861,642 shares at the same terms as the private placement.
Monday, TOI closed at $1.24, marking a 24.47% increase, and is currently trading at $1.28 after hours, up 3.23% on the Nasdaq Capital Market.
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