Another small raise (0.7m)

On November 7, 2019, CytoDyn Inc. (the “Company”) entered into Subscription Agreements (the “Subscription Agreements”) with certain investors (the “Investors”) for the sale by the Company of 2,353,333 shares (the “Common Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), in a registered direct offering (the “Offering”). The Investors in the Offering also received warrants to purchase 1,765,000 shares of Common Stock (the “Warrants”). Each share of Common Stock was sold together with three quarters of one Warrant to purchase one share of Common Stock for a combined purchase price of $0.30. The Company did not engage any Placement Agent in the Offering.

The aggregate gross proceeds for the sale of the Common Shares and Warrants will be approximately $0.7 million. Subject to certain ownership limitations, the Warrants will be exercisable commencing on the issuance date at an exercise price equal to $0.45 per share of Common Stock, subject to adjustments as provided under the terms of the Warrants. The Warrants are exercisable for five years from the date of issuance. The closing of the sales of these securities under the Subscription Agreements is expected to occur on or about November 7, 2019.