TORONTO – November 03, 2026 -- Cardiol Therapeutics Inc. (NASDAQ: CRDL; TSX: CRDL) has entered into an at-the-market program that lets it sell up to US$75 million of common shares through Jefferies LLC to fund late-stage cardiac drug development.
Cardiol restricts ATM share sales to U.S. trading venues
Shares will be sold in ordinary brokers' transactions on the Nasdaq Capital Market or other U.S. trading markets at prevailing market prices. No shares will be sold through the Toronto Stock Exchange or elsewhere in Canada.
Sales will proceed under a prospectus supplement dated November 3, 2026. The supplement attaches to Cardiol's Canadian and U.S. base shelf prospectuses, both dated September 15, 2026. The U.S. base prospectus forms part of a Form F-10 registration statement that became effective on September 16, 2026.
Net proceeds are earmarked for CardiolRx and CRD-38 development
Cardiol plans to use net proceeds to support development of CardiolRx for recurrent pericarditis. Subject to the outcome of the Phase III MAVERIC trial, this includes supporting a New Drug Application. Funds will also go to clinical development of CRD-38, general and administrative expenses, working capital and other expenses.
Cardiol retains full discretion and may raise less than US$75 million
The company has no obligation to sell any shares, and the timing and extent of use are at its discretion. Total gross proceeds could therefore fall below US$75 million.
The program runs until the earliest of three events: all offered shares are sold, Cardiol or Jefferies terminates the ATM agreement, or the Canadian base prospectus expires. The Toronto Stock Exchange has conditionally approved the program, and the Nasdaq has been notified.