OneMedNet Corporation announced that it has entered into a standby equity purchase agreement with new investor, YA II PN, Ltd. managed by Yorkville Advisors Global LP to issue the Company?s shares of Common Stock, par value $0.0001 per share for the aggregate gross proceeds of $25,000,000 on June 17, 2024. Each advance may not exceed the greater of 500,000 shares and 100% of the average daily volume traded of the Common Stock during the five trading days immediately prior to requested advance. The shares would be purchased at a price equal to 97% of the Market Price as defined in the SEPA. The Company may establish a minimum acceptable price in each advance below which the Company will not be obligated to make any sales to Yorkville.

On June 18, 2024, Yorkville advanced $1,500,000 to the company under a convertible promissory note due June 18, 2025. Generally, the company anticipates that the note will be repaid through SEPA advances initiated by Yorkville at the note conversion price, which will be then applied to the outstanding balance. The company?s right to draw on the SEPA will begin after repayment of the Promissory Note.