Cytosorbents Corporation announced that it has entered into a securities purchase agreement with certain institutional and accredited investors to issue 7,733,090 shares at an issue price of $1.33 per share for the gross proceeds of $10,285,009.70 and together with warrants to purchase up to 2,706,561 shares of Common Stock and each Warrant has an exercise price per share of $2.00, which will be exercisable immediately and will expire on the fifth anniversary of the original issue date. The Shares and the Warrants were sold together for a combined purchase price of $1.33 per share and accompanying warrant to purchase 0.35 shares of Common Stock on December 11, 2023. The Shares and Warrants sold in the offering include an aggregate of 327,070 Shares and 114,465 Warrants sold to the Company?s executive officers, directors and certain non-executive officer employees of the Company.

The issuance and sale of the Shares and the Warrants is expected to close on December 12, 2023, subject to customary closing conditions set forth in the Purchase Agreement. The Company estimates that the net proceeds from Registered Direct Offering will be approximately $9,830,000 after deducting estimated transaction fees and expenses. Pursuant to the Purchase Agreement and subject to certain exceptions including an exception for sales of Common Stock made pursuant to the Company?s at-the-market offering facility with Jefferies LLC , the Company is subject to company lock-up restrictions on the issuance and sale of the Company?s securities for 60 days following the closing of the Registered Direct Offering.

The company has disclosed the issue expenses of $455,009.70 in the transaction.