Cardio Diagnostics filed a preliminary proxy statement to seek shareholder approval for a potential private share issuance. The proposal allows the company to issue up to 5 million shares of common stock or equivalent securities.
The company intends to raise up to $10 million through one or more non-public offerings. These securities may be sold at a discount of up to 25% to the market price.
The filing notes the issuance could be highly dilutive. It potentially increases the number of shares outstanding by approximately 169%.
Shareholders of record as of July 31, 2026, will vote on the matter. The annual meeting is scheduled for September 18, 2026.