Cardiol Therapeutics Announces At-The-Market Equity Offering Program With Jefferies LLC

The program permits discretionary share sales rather than committing Cardiol to raise the full US$75 million.

Rhea-AI Summary

Cardiol Therapeutics (CRDL) entered into a sales agreement with Jefferies for an at-the-market equity offering program of up to US$75 million. Common shares may be sold from time to time at prevailing market prices through ordinary brokers' transactions on Nasdaq or other U.S. trading markets. No shares will be offered or sold through the Toronto Stock Exchange or otherwise in Canada.

Cardiol intends to use net proceeds for CardiolRx development in recurrent pericarditis, including support for a New Drug Application subject to Phase III MAVERIC trial outcomes, and for CRD-38 clinical development and general expenses. The company controls the timing and extent of sales and has no obligation to sell shares, so gross proceeds could be less than US$75 million. The Toronto Stock Exchange has conditionally approved the program, and Nasdaq has been notified.

3 points · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointJefferies agreement provides access to up to US$75 million through an at-the-market equity offering program. 59% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Planned proceeds support CardiolRx development for recurrent pericarditis.
• Minor point. Forward-looking: it has not happened yet and may not happen.Planned proceeds also support CRD-38 clinical development.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.New common shares sold at prevailing market prices would dilute existing holders.
• Minor pointToronto Stock Exchange approval of the program remains conditional.
• Minor point. Forward-looking: it has not happened yet and may not happen.CardiolRx New Drug Application support is subject to Phase III MAVERIC trial outcomes.

Argus 15 min delay 1 alert

-10.06% vs previous close $0.9444 last price 0.5x rel. volume Open Argus

Details

Market move: CRDL -10.06% vs previous close. ATM equity offering

$0.94 – $1.23 Day Range

$114.76M Mkt Cap at Last Price

On Nov 3, the day this news came out, the latest delayed price for CRDL is 10.06% below the previous close. The latest delayed price is $0.94.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

ATM program capacity: US$75 million

ATM program capacity

US$75 million

Maximum gross proceeds from common shares offered under the program

Historical Context

1 past event · Latest: Sep 10

1 event

1. Sep 10

   Shelf filing

   24h Move

   +0.8%

   Earlier shelf filing established US$150 million capacity; no securities were then being offered.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

at-the-market offering, prospectus supplement, base shelf prospectus, form f-10

4 terms

at-the-market offering financial

"for an at-the-market offering program"

An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.

prospectus supplement regulatory

"a prospectus supplement dated November 3, 2026"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

base shelf prospectus regulatory

"the Company's Canadian final base shelf prospectus"

A base shelf prospectus is a pre-approved regulatory document that lets a company register a range of securities once and then sell them to the public over time without repeating the full approval process for each offering. For investors it’s like a menu and standing permission slip: it lays out the types of securities, key risks and terms ahead of any specific sale, so buyers can assess potential dilution, timing and the company’s plans before new shares or debt hit the market.

form f-10 regulatory

"registration statement on Form F-10"

Form F-10 is a standardized prospectus document filed with Canadian securities regulators when a Canadian company offers shares or other securities to the public. It lays out the company’s business, financial results, management, and risks—like a detailed product label that helps investors compare what they’re buying and understand potential downsides. For investors, the form matters because it provides the core information needed to evaluate the safety, value and terms of a public securities offering.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, Nov. 3, 2026 /PRNewswire/ -- Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) ("Cardiol" or the "Company"), a late-stage life sciences company advancing anti-inflammatory and anti-fibrotic therapies for heart disease, is pleased to announce that it has entered into a sales agreement (the "ATM Agreement") with Jefferies LLC (the "Sales Agent") for an at-the-market offering program (the "ATM Program").

The ATM Agreement will allow the Company to offer and sell up to US$75 million of common shares of the Company (the "Offered Shares") under the ATM Program. The Offered Shares may be offered and sold by the Company to the public from time to time, through the Sales Agent. The Offered Shares sold under the ATM Program, if any, will be sold by means of ordinary brokers' transactions on the Nasdaq Capital Market (the "Nasdaq") or any other trading markets for the common shares in the United States at the prevailing market prices at the time of the sale. No Offered Shares will be offered or sold through the Toronto Stock Exchange or otherwise in Canada.

The sale of the Offered Shares through the ATM Program will be made pursuant to a prospectus supplement dated November 3, 2026 (the "Supplement") to the Company's Canadian final base shelf prospectus dated September 15, 2026 (the "Canadian Base Prospectus"), filed in each of the provinces and territories of Canada, and the Company's United States final base shelf prospectus dated September 15, 2026 (the "U.S. Base Prospectus" and together with the Canadian Base Prospectus, the "Base Prospectuses") forming a part of the Company's registration statement on Form F-10 (File No. 333-298852), as amended and effective upon filing on September 16, 2026 (the "Registration Statement", and collectively with the Supplement and Base Prospectuses, the "Offering Documents"), filed in the United States with the United States Securities and Exchange Commission (the "SEC"). As outlined in the Supplement, the Company intends to use the net proceeds of any such sales under the ATM Program to support the development of CardiolRx™ for the treatment of recurrent pericarditis including, subject to the Phase III MAVERIC trial outcomes, supporting a New Drug Application, to support the clinical development of CRD-38 and for general and administrative expenses, working capital and other expenses.

The timing and extent of the use of the ATM Program will be at the discretion of the Company, and the Company has no obligation to sell any shares pursuant to the ATM Program. Accordingly, total gross proceeds from offerings under the ATM Program could be less than US$75 million. The ATM Program will be effective until the earliest of (i) the issuance and sale of all of the Offered Shares issuable pursuant to the ATM Program, (ii) the date that the ATM Program is terminated by Cardiol or the Sales Agent pursuant to the terms of the ATM Agreement, and (iii) the expiry of the Canadian Base Prospectus.

The Offering Documents contain important, detailed information about the ATM Program. The Supplement, accompanying Canadian Base Prospectus and ATM Agreement can be found on SEDAR+ at www.sedarplus.ca. The Supplement, Registration Statement (including the U.S. Base Prospectus) and the ATM Agreement can be found on EDGAR at www.sec.gov. Copies of the Supplement and the accompanying Base Prospectuses may also be obtained from Jefferies LLC, 520 Madison Avenue, New York, New York 10022, Attention: Equity Syndicate Prospectus Department, Phone: (877) 821-7388, Email: prospectus_department@jefferies.com. Prospective investors should read the Supplement and accompanying Base Prospectuses and the other documents the Company has filed before making an investment decision.

The Toronto Stock Exchange has conditionally approved the ATM Program and the Nasdaq has been notified of the ATM Program.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Cardiol Therapeutics

Cardiol Therapeutics Inc. is a late-stage life sciences company focused on advancing the development of anti-inflammatory and anti-fibrotic therapies for heart disease.

Cautionary statement regarding forward-looking information:

This news release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws (referred to here as "forward-looking information"). All statements, other than statements of historical fact, that address activities, events, or developments that Cardiol believes, expects, or anticipates will, may, could, or might occur in the future are "forward-looking information". Forward looking information contained herein may include, but is not limited to statements regarding the ATM Program, the timing and extent of the use of the ATM Program, that Offered Shares under the ATM Program will be sold on the Nasdaq, when the ATM Program will be effective and the use of proceeds from sales made under the ATM Program. Forward-looking information contained herein reflects the current expectations or beliefs of Cardiol based on information currently available to it and is based on certain assumptions and is also subject to a variety of known and unknown risks and uncertainties and other factors that could cause the actual events or results to differ materially from any future results, performance or achievements expressed or implied by the forward looking information, and are not (and should not be considered to be) guarantees of future performance. These risks and uncertainties and other factors include the risks and uncertainties referred to in the Company's Annual Information Form filed with the Canadian securities administrators and the SEC (as part of its Annual Report on Form 40-F) on March 31, 2026, available on SEDAR+ at sedarplus.ca and EDGAR at sec.gov, respectively, as well as the risks and uncertainties associated with product commercialization and clinical studies, including the timing and outcomes of the Phase III MAVERIC trial and any related regulatory submissions. These assumptions, risks, uncertainties, and other factors should be considered carefully, and investors should not place undue reliance on the forward-looking information, and such information may not be appropriate for other purposes. Any forward-looking information speaks only as of the date of this press release and, except as may be required by applicable securities laws, Cardiol disclaims any intent or obligation to update or revise such forward-looking information, whether as a result of new information, future events, or results, or otherwise. Investors are cautioned not to rely on this forward-looking information and are encouraged to read the Supplement, the accompanying Base Prospectuses and the documents incorporated by reference therein.

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SOURCE Cardiol Therapeutics Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much can Cardiol Therapeutics raise through its Jefferies at-the-market offering?

Cardiol can offer and sell up to US$75 million of common shares through Jefferies at prevailing market prices. The company has no obligation to sell shares, and total gross proceeds could be less than US$75 million.

When does Cardiol Therapeutics' at-the-market offering program end?

The program ends at the earliest of the sale of all shares issuable under it, termination by Cardiol or Jefferies under the sales agreement, or expiry of the Canadian Base Prospectus.