Pulmatrix closes $1 million preferred stock placement ahead of merger

Pulmatrix Inc. (NASDAQ: PULM) completed a private placement of Series B Convertible Preferred Stock with an affiliate of Eos SENOLYTIX Inc., raising approximately $1 million in gross proceeds before expenses. The transaction represents part of the company's planned merger with Eos.

The Series B Preferred Stock converts into common stock at $2.20 per share and can be exercised starting 90 days after the initial issuance date. The conversion price is subject to standard adjustments for stock dividends, splits, and similar corporate actions.

Pulmatrix intends to use the net proceeds for working capital and general corporate purposes. The preferred stockholders will vote alongside common stockholders as a single class with the same voting rights.

"We have taken an important initial step forward as part of the planned merger and are pleased that investors supporting Eos chose to make this investment in Pulmatrix as part of the signing of the definitive merger agreement," said Peter Ludlum, interim chief executive officer of Pulmatrix.

The securities were issued under Section 4(a)(2) of the Securities Act and Regulation D in a private placement. The preferred stock and underlying common shares have not been registered under federal securities laws and cannot be offered or sold in the United States without registration or an applicable exemption.

Pulmatrix filed the Certificate of Designations for the Series B Preferred Stock with Delaware's Secretary of State on March 26, 2026, prior to closing the placement.

The Framingham, Massachusetts-based biopharmaceutical company develops inhaled therapeutic products for migraine and respiratory diseases using its iSPERSE technology platform. Eos SENOLYTIX, headquartered in Houston, focuses on gerotherapeutic peptide medicines targeting aging mechanisms.

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