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Exyn Technologies, Inc. updated its Chief Executive Officer Brandon Torres Declet’s employment agreement to add a deal completion bonus tied to a major liquidity event. The bonus is payable only if the company completes an IPO, direct listing, or a qualifying change in control and he remains employed through closing.
The Deal Bonus equals the greater of $225,000 or a percentage of net proceeds when those proceeds are at least $30,000,000. It is set at 1% of net proceeds if the company’s pre-money valuation is at least $50,000,000 but below $100,000,000, and 1.5% if the pre-money valuation is at least $100,000,000. Any earned bonus will be paid within fifteen days after the transaction closes.
Exyn Technologies, Inc. completed its initial public offering of 2,500,000 units at $7.75 per unit, raising approximately $19.4 million in gross proceeds before fees and expenses. Each unit includes one share of common stock and a warrant to buy one share at $9.69, exercisable for five years.
The units’ components trade on the Nasdaq Capital Market under the symbols EXYN and EXYNW. Exyn entered into an underwriting agreement with Lucid Capital Markets and a warrant agency agreement with Equiniti Trust Company, and issued additional warrants to the underwriter as compensation. The company plans to use net proceeds for growth capital, working capital, debt repayment, and general corporate purposes.
Exyn Technologies, Inc. is conducting an initial public offering of 2,500,000 units, each unit consisting of one share of common stock and one warrant, at an initial public offering price of $7.75 per unit. The offering includes warrants exercisable immediately at $9.69 per share and expiring five years after issuance.
The prospectus states total gross proceeds of $19,375,000 (before underwriting discounts) and estimated net proceeds to the company of approximately $14.2 million, to be used for growth capital, working capital, and repayment of specified indebtedness.