CDT Equity Issues $2.1M Convertible Note to J.J. Astor with 3.47M Warrants and VWAP-Based Conversion
CDT is trading near its 52-week low of $0.157 (7.3% above the low) on elevated volume (9.6× avg).
Summary
CDT Equity issued a $2.1M senior secured convertible note to J.J. Astor & Co. with 3.47M warrants and a VWAP-based conversion price floored at $0.05, continuing a pattern of deeply dilutive survival financing.
Key Events · Financing and Capital Events · CDT
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New $2.1M Convertible Note Issued
CDT Equity issued a $2,126,250 senior secured convertible note to J.J. Astor & Co. on September 14, 2026, receiving $1,575,000 in cash (net $1,501,850 after fees). The note matures March 1, 2027 with 24 weekly installments of $88,593.75.
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3.47M Warrants at $0.25 Exercise Price
The company issued 3,468,500 common stock purchase warrants exercisable immediately at $0.25 per share, expiring in five years. The warrants include a semi-annual reset provision that lowers the exercise price to the lowest VWAP over 20 days and increases the share count proportionally.
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VWAP-Based Conversion with $0.05 Floor
The note converts at the greater of 70% of the lowest VWAP over 20 trading days or a $0.05 floor price. The floor resets semi-annually to 20% of the lowest VWAP, meaning the conversion price will ratchet down as the stock declines.
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ATM Proceeds Waterfall Redirected
80% of net ATM proceeds (90% for sales before September 15) must be applied first to the August 31 note, then this new note, then the Existing Note. The company cannot suspend ATM sales without lender consent.
Analysis · CDT · Life Sciences
CDT Equity has taken on another highly dilutive convertible note from J.J. Astor & Co. — $2,126,250 in principal for just $1,575,000 in cash, with 3,468,500 warrants attached at $0.25 per share. The conversion price is set at the greater of 70% of the lowest VWAP over 20 days or a $0.05 floor, meaning the lender converts at a deep discount to market whenever the stock trades down. With the stock at $0.1679 today, the floor price is already the binding constraint, and the semi-annual reset to 20% of the lowest VWAP will push it even lower. The company must also direct 80% of ATM proceeds to repay this note before touching its older obligations, and must register 200% of the conversion shares by October 15. This is survival financing on increasingly coercive terms — the third J.J. Astor note in three months, each more dilutive than the last.
How filings like this one have moved
In the 30 days to Nov 1, 2026, 49.3% of the 203 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.67%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CDT was trading at $0.17 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.4M. The 52-week trading range was $0.16 to $1,778.00. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.