MediciNova Inc. Terminates Standby Equity Purchase Agreement

What Happened

• MediciNova, Inc. (MNOV) announced it delivered a Notice of Termination on August 31, 2026, to YA II PN, LTD. (Yorkville) electing to terminate the Standby Equity Purchase Agreement (SEPA) dated July 30, 2025. The termination becomes effective September 8, 2026.
• Under the SEPA the company had the right to issue up to $30.0 million of common stock to Yorkville; MediciNova sold 175,000 shares under the agreement for aggregate proceeds of about $0.2 million (shares priced $1.39–$1.40).

Key Details

• SEPA date: July 30, 2025; Termination notice delivered: August 31, 2026; Effective termination: September 8, 2026.
• Potential capacity under SEPA: up to $30.0 million of common stock.
• Amount actually issued under SEPA: 175,000 shares for ~$0.2 million (prices $1.39–$1.40).
• At termination there were no outstanding borrowings, advance notices, or shares remaining to be issued, and no termination fees are due by either party.

Why It Matters

• This removes a potential financing source that could have provided up to $30 million of equity capital, though the company only drew about $0.2 million under the agreement.
• For investors, the immediate cash picture isn’t changed by this filing (no outstanding draws and no termination fees), but MediciNova now has one fewer standby equity option available for future capital needs and may need alternative financing strategies if additional funds are required.