SENTI-202——唯一进入临床的产品,也是它全部价值的所在。公司自己的描述是:
「a potentially first-in-class Logic Gated off-the-shelf CAR-NK cell therapy for the treatment of
blood cancers currently being studied in an open-label, multi-center Phase 1 clinical trial in the
United States and Australia for the treatment of relapsed/refractory hematological malignancies,
including Acute Myeloid Leukemia ("AML")」(2025 年度 10-K)。
翻成人话:用健康捐赠者的自然杀伤细胞做成的「现货型」细胞疗法,装上逻辑开关,
治复发难治的血液肿瘤(主要是急性髓系白血病)。目前还在一期临床。
2026 年 4 月 10 日刚跟 FDA 开完 RMAT 会议,之后才定下关键性临床与生产的方案——
也就是说,关键性临床还没开始。
Rett 综合征项目——用「调节旋钮」技术治一种主要影响女孩的遗传性脑病。
发现阶段、临床前,连候选药物都还没选出来。
the Company has determined that it may not be able to maintain current operations starting as early as the fourth quarter of 2026. Additional funds will be necessary to maintain current operations…2026 年第二季度 10-Q,「流动性与持续经营」附注
控股公司重组(holding company reorganization)——
在原公司头上新造一个母公司,让所有股东手里的老股自动变成新母公司的股票,
比例一模一样,股票代码不变,交易不中断。
特拉华州公司法 §251(g) 允许这样做,而且不需要开股东会表决。
这是它最重要的一个特性。
公司在 10-Q 里的原话:
Following the Reorganization Merger, the Company became the successor issuer to Former Senti. Shares of the Company's common stock continue to trade on The Nasdaq Capital Market under the symbol "SNTI."2026 Q2 10-Q,附注 1
2025 年全年:10-K 原文「GeneFab did not remit sublease payments in accordance with the contractual terms」——
GeneFab 没按合同付转租租金。这触发了会计上的减值测试,公司当年计提长期资产减值 $505 万,全部来自 Alameda 转租那个资产组。
2025 年 11 月 10 日:特别委员会认定,GeneFab 欠的约 $550 万如果能收回来,
「would significantly improve the Company's liquidity and financial position」。
必须留位的另一种读法
10-K 明写 GeneFab 是一个 VIE,理由是「its total equity at risk is not sufficient to finance its activities
without additional subordinated financial support」——它本身就是个资本金不足、要靠股东继续输血的实体。
它不付租金,完全可能就是真没钱,而不是有意拖着。
公司把自己在 GeneFab 那 10% 的经济权益连续两年记为零,也支持「那边本来就没多少价值」这个读法。
没有任何一份文件说 GeneFab 是「故意」不付。
"Lead Investor" means CPIF II-7 Limited, an exempted company incorporated under the laws of Cayman Islands, or any designee that is an Affiliate of Celadon Partners, LLC.票据 §34(ak)
"Lead Investor" means any Affiliate of Celadon Partners, LLC.登记权协议 §1(b)
the "Celadon Holders" means, collectively, Celadon Partners SPV 24 …, Celadon Partners, LLC …, and CPIF II-7 Limited …, each of which shares voting and dispositive power over the securities…并购协议 §5.01(g)
还有一条更直接的。委托书在解释「为什么董事会要专门成立一个特别委员会」时写:
The Special Committee was established in light of Celadon's significant stock ownership and the fact that Donald Tang, a member of the Board, is also the founder of Celadon.委托书「交易背景」,2025-08-15 段
它的《权利条款》(Certificate of Designation,中文常叫「优先股条款」)里装了五样东西。
一样一样看:
一、年化 18%、逐年复利的股息
dividends at the rate per annum of 18% of the Original Per Share Price of such share, plus the amount of previously accrued dividends, compounded annually, shall accrue on each share then outstanding优先股权利条款 §3(a)(i)
二、清算时先拿 3 倍
an amount in cash per share equal to three times (3X) the Original Per Share Price, plus any Accruing Dividends accrued but unpaid thereon…优先股权利条款 §5(a)
并且 §5(b) 补一句:付不清之前,普通股一分钱也拿不到。
三、★ 210 天之后,持有人可以要求公司「把全部资产拿来赎我」
if elected by any individual Holder … at any time on or after the date two hundred ten (210) days following the Issuance Date …, the Corporation shall redeem all then-outstanding shares … at a price per share equal to the then Liquidation Preference … In order to effect such redemption, the Corporation shall apply all of its assets to any such redemption, and to no other corporate purpose…优先股权利条款 §9(a)
the Company hereby renounces any interest or expectancy in, or right to be offered an opportunity to participate in, any business opportunity that may be a corporate opportunity for an Identified Person and the Company … such Identified Person shall … have no duty to communicate or offer such transaction or other business opportunity to the Company…2024 PIPE 购买协议 §5.3(c) 「Identified Persons」=投资人、其关联方、及投资人指定的董事
when the Investors take any action under this Agreement to give or withhold their consent, the Investor shall have no duty (fiduciary or other) to consider the interests of the Company or the other stockholders of the Company and may act exclusively in their own interest2024 PIPE 购买协议 §5.19(b)
The Issuer shall use substantially all of the net proceeds from the sale of the Securities for general corporate purposes and to advance CMC and clinical trials for SENTI-202.证券购买协议 §4(e)
On the Maturity Date, the Company shall pay to the Holder an amount in cash representing 200% of all outstanding Principal, and accrued and unpaid Interest, if any. The "Maturity Date" shall be November 23, 2026…票据 §1
To the extent the Company and the Issuer … have used reasonable efforts to progress through all necessary approvals and filings required to close the transactions contemplated by the CVR Term Sheet dated as of March 19, 2026 and require additional financing to continue operating the business, the Lead Investor agrees to undertake one or more of the following actions in due course (whereby selection of measures shall be in the Lead Investor's sole discretion): to purchase early the Additional Notes; to permit the Company … to undertake a Subsequent Placement or other financing round …; or to take other reasonable measures to ensure the Company and the Issuer are able to continue operations.证券购买协议 §4(o)(iii)
逐句拆:
触发条件是「公司在往 CVR 交割推进」。不推进,这个承诺就不存在。
给什么由金主定——三个选项里有一个是「允许你去别处找钱」,这一项它一分钱都不用掏。
再看 SPA §9(e) 的最后一句:「no Buyer has made any commitment or promise or has any other
obligation to provide any financing」——除了这条软承诺,没有任何硬性出资义务。
the Notes … will be guaranteed on a senior basis by the Issuer and by all direct and indirect Subsidiaries … and will be secured by a first priority perfected security interest … in all of the current and future assets …证券购买协议 序言 §5
担保协议本身还有两条,值得单独记住:
this Guarantee … shall terminate … only upon the earlier of (a) the complete conversion or exchange of the Notes into equity … or (b) the indefeasible payment in full in cash of all Obligations担保协议 §3(b)(大意) 没有「并购后自动解除」这种出口
the Guarantors waive … any change, restructuring or termination of the corporate structure or existence of any Transaction Party [作为抗辩]担保协议 §3(a)(iv)
第二条的意思是:「我们后来把公司结构改了」不能拿来当不认账的理由。
这是专门为这种多层重组写的。
反面:两条出路
同一张票据的两条出路。选哪一条,是持有人的权利,公司没有选择权。
For the avoidance of doubt, the right to convert this Note into Company Common Stock and the right to exchange this Note for shares of Issuer Common Stock are mutually exclusive. Therefore, if the Holder exercises its right to convert … the right to exchange … shall immediately terminate with respect to the Outstanding Amount subject to such conversion.票据 §3(f)
"Exchange / Conversion Price" means, as of any Exchange Date or other date of determination, $0.6261 per share, subject to adjustment as provided herein.票据 §34(v)
委托书自己是这么描述的:「the exchange/conversion price of $0.6261 … subject to full-ratchet
anti-dilution adjustment if the Company issues or sells its common stock at a price less than the
exchange/conversion price then in effect」(委托书,2026-04-20 特别委员会会议纪要)。
In the event that after August 31, 2026, the Issuer is prohibited from issuing any shares of Issuer Common Stock for which an Exchange Notice has been delivered as a result of the operation of this Section 3(e)(ii), the Issuer shall within two (2) Trading Days … pay cash in exchange for cancellation … equal to the highest Weighted Average Price of the Issuer Common Stock during the period beginning on the … Exchange Date and ending on the date the Issuer makes the applicable cash payment.票据 §3(e)(ii) 末段
Until all of the Notes have been exchanged, converted, redeemed or otherwise satisfied in full in accordance with their terms, neither the Company nor the Issuer shall, and none of the Company and the Issuer shall permit its respective Subsidiaries without the prior written consent of the Required Holders, directly or indirectly: …票据 §15 引言
"Required Holders" means the holders of Notes representing at least a majority of the aggregate principal amount of the Notes then outstanding and shall include the Lead Investor so long as the Lead Investor or any of its Affiliates holds any Notes.票据 §34(bf)
enter into … any transaction … with any Affiliate (other than the Lead Investor and its Affiliates), except in the ordinary course … for fair consideration and on terms no less favorable … than would be obtainable in a comparable arm's length transaction with a Person that is not an Affiliate thereof票据 §15(i)
「跟关联方做交易必须公允、必须不劣于市场条件」——这是一条保护公司的标准条款。
但它在括号里把 Lead Investor 和它的关联方明文排除掉了。
也就是说:那条本该防自我交易的护栏,
唯独不管权力最大的那个交易对手。
这不是孤例。SPA 里还有一处方向完全一致的写法:
the Company and the Issuer acknowledge and agree that, other than the Lead Investor, each Buyer is acting solely in the capacity of an arm's length purchaser … and that no Buyer is (i) an officer or director …, (ii) an "affiliate" of the Company … or (iii) … a "beneficial owner of more than 10%" of the shares…证券购买协议 §3(rr)
这是一份「我们和买方是独立第三方」的标准声明——唯独把 Lead Investor 排除在外。
严格说,它不等于公司承认 CPIF II-7 是关联方;
但它是双方明确不愿意为这一家作这三项声明的书面痕迹。
(g) … other than the Holding Company Reorganization and transactions contemplated by the CVR Term Sheet dated as of March 19, 2026, modify its structure or purpose票据 §15(g)
(l) the Issuer shall not issue any shares of Issuer Common Stock … other than shares … issued or sold by the Issuer in connection with any Excluded Securities.票据 §15(l)
这里更正我上一版讲错的地方(两处)第一处。我此前说「唯一挡住反向并购的是 $2.30 权证」。这次读到票据 §34(av),
里面有一个我之前完全没看到的定义:
「Post-Transaction Merger」means any transaction between Senti Biosciences Holdings, Inc.
and a counterparty pursuant to which Senti Biosciences, Inc. would be disposed of …
and the proceeds of which would be distributed to pre-transaction … stockholders.
翻译过来就是「壳把小盒子处置掉、所得分给老股东」——正是反向并购加 CVR 的标准形状。
合同在 2026 年 4 月就把它命名并写了进去。
第二处。我此前把票据 §6(b)(根本性交易须 Required Holders 事先批准)列为三把锁之一。
但 Post-Transaction Merger 被明文排除在 Change of Control 和 Fundamental Transaction
的定义之外(§34(j)、§34(z) 末句),所以 §6(b) 对它不生效。
where any action or failure to act by the Lead Investor or any of its Affiliates pursuant to the First Amendment to Sublease Agreement or Letter Agreement contributed … no breach shall be deemed to have occurred票据 §16(b) 而 §34(y) 定义:该转租补充协议是 Senti Biosciences 与 GeneFab, LLC 之间的
票据自己把 GeneFab 的行为,算作「Lead Investor 或其关联方的行为」。
为什么这重要?因为 GeneFab 这条线在委托书里出现了三次:
2025 年 10 月,公司的现金压力里有一项就是「欠 GeneFab 的转租款」;
2025 年 11 月,特别委员会认定「GeneFab 欠公司的约 550 万美元」收回来会大幅改善流动性;
2026 年 3 月,GeneFab 要求公司签一份新工作说明书,
「the Company would have been required to pay up to $30.0 million over the 2026 and 2027
fiscal years」。而 2026 年 1 月 18 日,公司管理层专门发邮件要求
「所有 GeneFab 的讨论要与融资讨论分开进行」。
这一课记住
① §15 是同意权制度,不是禁令;唯一的失效条件是票据被全部了结。
② 「Required Holders」的定义让 Celadon 只要还剩一张票据就有否决权,稀释不掉。
③ 那条防关联交易的护栏 §15(i),明文把 Lead Investor 自己挖掉了。
④ 卡住反向并购的是 §15(l)(不得发新股)和 §15(g)(不得改结构或目的),
不是 §6(b)——因为合同把「Post-Transaction Merger」从根本性交易里排除了。
⑤ 票据在文本上把 GeneFab 当作 Lead Investor 的关联方处理。
这一专题记住
① $37.8m是标题对价,不是SNTI最终拿到的自由现金;第一半抵销,第二半后来豁免。
② 人、厂和制造知识一起转走后,SNTI仍背主租约并依赖GeneFab,这叫风险没有跟资产一起干净转移。
③ 约$5.5m欠款的最大伤害,不只是少了550万美元,而是它让另一资金方退出,改变了救命融资的议价结构。
④ 当前最严谨的表述是:未见预谋骗局证据;但这是高度不对称的关联方剥离,并在后来产生了对Celadon体系有利的控制效果。
⑤ 想看原件、证据强弱和未公开清单,转到完整档案的GeneFab取证节;想看这反映Celadon何种风格,转到控制方画像的行为检验。
each share of Midco Common Stock … shall automatically be cancelled and converted into the right to receive the Milestone Payment Amount … which such right shall be distributed by MidCo to the Company Stockholders … in the form of CVRs并购协议 §3.01(a)(iii)
名义上对价付给上市公司(它是中盒子的唯一股东),但由中盒子直接分给上市公司的股东。
上市公司自己一分钱都不过手。这就是备考报表里那句
「no Merger consideration has been reflected」的原因。
CVR(Contingent Value Right,或有价值权)——
一张写着「如果将来某件事发生了,我付你一笔钱」的凭证。
它不是股票:没有投票权,不分红,不代表任何所有权。
它就是一张附条件的欠条。这里的条件是三个里程碑。
三个里程碑,最多 6,000 万美元,七年
档
条件
金额
一
FDA 接受 SENTI-202 的生物制品许可申请(BLA)立案,或 60 天审查期届满未被拒
$1,000 万
二
FDA 批准该 BLA
$2,000 万
三
SENTI-202 全球累计净销售额超过 $2 亿
$3,000 万
合计上限
$6,000 万
有效期
自交割起 7 年
把这个数放回现实:一个还没进入关键性临床的 AML 细胞疗法,
要走完「递交 BLA → FDA 批准 → 年销售过 2 亿」这三关,历史上成功率是个位数百分比,
时间通常超过 7 年。第三档 3,000 万那一格,实质上是一张深度价外的彩票。
Commencing upon the Merger Closing Date and continuing until the termination of the CVR Agreement, Parent … shall … use Diligent Efforts to achieve each Milestone.并购协议 §6.04
问题在于:谁有权去执行它。把四条条款放在一起看:
The rights of Holders are limited to the right to receive payment from the Rights Agent in respect of the CVRs if and when due … All other obligations of Midco or its successor or assigns hereunder may only be enforced by the Rights Agent.CVR 协议 §6.4
the Rights Agent shall act hereunder solely as agent for Midco and it shall not assume any obligations or relationship of agency or trust with any of the HoldersCVR 协议 §3.2(o)
This Agreement … and the CVR Agreement … (ii) except for Section 7.04, are not intended to confer upon any Person other than the parties hereto any rights or remedies.并购协议 §10.05(a) §7.04 是董事高管责任险,与股东无关
The respective obligation of each party hereto to effect the Merger is subject to … The Company Stockholder Approval and the Majority of the Minority Approval shall have been obtained.并购协议 §8.01(c)
第一道 Company Stockholder Approval
第二道 Majority of the Minority Approval
需要多少
全部在外股份的过半数
已投出票数的过半数
Celadon 的 977.7 万股
算数,可以投
不算,被排除
Donald Tang 的股
算数
不算,被排除
出处
并购协议 §4.23
并购协议 §1.01 定义 + §4.23 末句
shares of Company Common Stock beneficially owned by Parent and its Affiliates may be counted for purposes of determining whether the Company Stockholder Approval has been obtained, but shall be excluded for purposes of determining whether the Majority of the Minority Approval has been obtained.并购协议 §4.23 末句
并且被排除的范围里点名写了 Donald Tang:
none of the Celadon Holders, Parent, Merger Sub, nor any of their respective Affiliates (other than Donald Tang), beneficially owns any shares … The shares … together with any shares … beneficially owned … by any of the Celadon Holders, Parent or any of their respective Affiliates (including Donald Tang) … shall constitute "Excluded Shares"并购协议 §5.01(g)
★ 第二道票的分母,是一个必须注意的细节
"Majority of the Minority Approval" means the adoption of this Agreement by the affirmative vote of holders of a majority of the votes cast by holders of shares of Company Common Stock, other than Excluded Shares, that are present in person or represented by proxy…并购协议 §1.01
the Issuer shall provide each stockholder … a proxy statement … soliciting each such stockholder's affirmative vote … for approving the Issuer's issuance of all of the Securities … without giving effect to the Exchange Cap … not later than August 31, 2026证券购买协议 §4(p)
the Company entered into the Voting Agreement with each of our executive officers, certain of our directors, CPIF II-7 Limited and NSG, or the Supporting Stockholders. As of the record date, the Supporting Stockholders collectively held approximately 32.6% of the Company's outstanding common stock.委托书,Proposal No. 5 前的关联交易一节
based on the determination of the Special Committee in light of the fact that the Affiliated Entities are the controlling stockholders of the Company and Parent and that Donald Tang is a director of the Company, the approval of the Merger Agreement Proposal requires … the Majority of the Minority.委托书,特别委员会的程序性保障一节
in the event of a Fundamental Transaction (other than (x) any stock split or reverse stock split, (y) any transaction effected solely for the purpose of changing the jurisdiction of incorporation …, or (z) any holding company reorganization or parent-subsidiary merger not requiring stockholder approval pursuant to Sections 251(g) or 253 of the … DGCL), the Company or any Successor Entity shall, at the Holder's option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion…2024 权证 §9(e)
In accordance with the terms of the outstanding common stock warrants, which were not amended in connection with the Merger, the holders of the warrants can elect to require the Company to repurchase the remaining unexercised portion of such holder's warrants in cash upon or within 30 days after the closing of the Merger, at their fair value based on the Black-Scholes–Merton model … As the Company may be required to settle the warrants in cash at the holder's election, the warrants will no longer meet the criteria for equity classification under ASC 815-40. The estimated warrant liability was not material as of June 30, 2026, therefore no reclassification adjustment was made.委托书 备考财务信息附注
"Black Scholes Value" means the fair value of this Warrant on the date of settlement of the Warrant as determined by an independent third-party valuation specialist using the Black-Scholes Option Pricing Model and approved by the Company's Board of Directors, including the Series A Directors. The basis of fair value for this provision follows the principles of the United States generally accepted accounting principles.2024 权证 §9(e)
"Option Value" means the value of an Option based on the Black and Scholes Option Pricing model obtained from the "OV" function on Bloomberg … reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term …, (ii) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg …, (iii) the underlying price … shall be the highest Weighted Average Price … , (iv) a zero cost of borrow and (v) a 360 day annualization factor.票据 §34(ap)
同一笔交易、同一批文件——他们知道怎么把公式钉死,权证这一条是选择不钉。
谁来批这个数
「Series A Directors」来自两份指定协议(都签于 2024-12-02,2026-04-24 随控股重组修订):
指定人
持有权证
占全部权证
Celadon Partners SPV 24
14,665,500 份
46.2%
New Enterprise Associates 15
4,999,500 份
15.8%
合计
19,665,000 份
62.0%
也就是说:决定这张现金账单是多少的批准环节,握在拿钱的那一方手里。
还有一处日期含糊,方向也是对持有人有利
条款正文说按「on the date of the consummation of such Fundamental Transaction」计算,
紧接着的定义却写「fair value of this Warrant on the date of settlement of the Warrant」。
这是两个不同的日子——行使窗口是交割后 30 天内,付款是行使后 5 个交易日内。
若按 settlement 算,持有人可以先看 30 天股价再决定,涨了才要现金。
这个含糊没有被任何后续文件消掉。
委托书原文的限定是:「the warrants had minimal value if the Company either determined to
proceed with the transactions contemplated by the Celadon Term Sheets or was forced to
liquidate, the only two options available as of the date of that analysis」。
On February 13, 2026, Company B's financial advisor told the Company that Company B was proceeding forward with a reverse merger with another strategic partner due to, among other things, uncertainty regarding the Company's ongoing liabilities from potential payments that would be owed to the Company's warrantholders in the event of a reverse merger transaction, whereby the holders of the warrants would be able to elect to require the Company or the reverse merger counterparty to repurchase the warrants in cash, at their fair value based on the Black-Scholes–Merton model.委托书「交易背景」,2026-02-13
把时间线摆出来:2 月 1 日 Company B 送来反向并购条款清单 → 2 月 5 日双方开会 →
2 月 10 日公司回条款 → 2 月 13 日 Company B 走了,去跟别人做了。理由里第一条就是权证。
这里更正我上一版讲错的地方
我此前跟你说「唯一挡住反向并购的是 $2.30 权证」。这句话结论上蒙对了一半,机制全错:
① 它不是法律上禁止反向并购,而是把对手方吓走。「不能做」和「没人愿意做」,
后果相近,但解法完全不同——前者要改合同,后者只要谈拢一个价。
② 它也不是唯一的障碍。票据 §15(l) 和 §15(g) 是更上游、更硬的两条(第 6 课)。
③ 它还有解:权证 §9(e) 最后一句写着「the Holder may elect, at its sole option,
by delivery of written notice to the Company to waive this Section 9(d) to permit a Fundamental
Transaction without the assumption of this Warrant」——持有人一封书面通知就能放行。
而 Celadon 自己持有其中 46.2%。
修改权证需要每一个持有人单独同意。「This Warrant may be amended only in writing signed by
the Company and the Holder」(§15(c))——
和票据的「多数决」不同,权证没有多数决,要清掉这批权证只能逐个谈。
★ 那这种事,交易方通常怎么处理
这类条款在小盘股里很常见,市面上处理它基本就六条路。前五条我标清楚哪些在 SNTI 这里走得通。
一、让持有人签弃权——最便宜,而且合同明文可行
the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 9(d) to permit a Fundamental Transaction without the assumption of this Warrant.2024 权证 §9(e) 末句
单方一封书面通知就行,不用改合同。但 §15(c) 规定修改权证「only in writing signed by the Company
and the Holder」——没有多数决,得逐家谈。
No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents unless the same consideration (other than the reimbursement of legal fees) also is offered to all of the parties…2026 证券购买协议 §9(e)
upon exchange, conversion or exercise of any Options or Convertible Securities which are outstanding on the day immediately preceding the Subscription Date, provided that the terms of such Options or Convertible Securities are not amended, modified or changed on or after the Subscription Date票据 §34(x)(iv),Excluded Securities 第四项
If the purchase price provided for in any Options … increases or decreases at any time, the Exchange / Conversion Price in effect at the time of such increase or decrease shall be adjusted to the Exchange / Conversion Price which would have been in effect at such time had such Options … provided for such … decreased purchase price … at the time initially granted.票据 §8(a)(iii)「Change in Option Price or Rate of Conversion」
Pre-Closing Period 内不得「issue, grant, deliver, sell, authorize … any shares of its capital stock
or options, warrants, convertible or exchangeable securities」,须经 Parent 事先书面同意。
★ 不过这一条的标准是「not to be unreasonably withheld, delayed or conditioned」——
比票据 §15 那道没有合理性限定的门要软。这是三堵墙里唯一有缝的一堵。
发一笔极小的 PIPE(575 股 Series D 优先股,面值 $1,000/股,可转 1,642,856 股)
隐含转股价正好 $0.35,总额 $57.5 万
二
这笔小钱自动触发老工具的反稀释条款
老权证 $0.6446 → $0.35;Series C 转股价 $0.586 → $0.35
三
诱导行权:持有人按已降到的 $0.35 现金行权,对价是 100% 覆盖的新权证
行权 7,486,605 股,公司进账约 $260 万
As a result of the Matinas PIPE, the exercise price of the Existing Warrants was adjusted from $0.6446 to $0.35 pursuant to the terms of the anti-dilution provisions contained therein and previously approved by the Company's stockholders. In addition, the conversion price of the Company's Series C Convertible Preferred Stock … was adjusted from $0.586 to $0.35 pursuant to the terms of the anti-dilution provisions contained therein.MTNB 2026-07-13 8-K(accession 0001493152-26-032938)
The resale of the shares of Common Stock underlying the Existing Warrants has been registered pursuant to an effective registration statement on Form S-3 (File No. 333-286686), filed with the SEC.同上
行权拿到的股是当场可卖的。同日签的还有卖药给 Azurity、把上市壳让给 GH Power 的并购协议:
Matinas 作价 $2,472.5 万、GH Power $2.5 亿,
老股东(含这次 PIPE 与诱导行权的投资人)合计约 9%。
市场是怎么反应的
日期
收盘
成交量
2026-07-09
$0.6270
14,847
签约前一日
2026-07-10
$0.7553(+20.5%)
1,575,358
签约日,盘中冲 $0.9065;这天零披露;量=前八日中位数的 115 倍
2026-07-13
$0.48(−36.4%)
5,757,896
公告日,当日最低 $0.3716
2026-07-14
$0.3498
3,273,502
自签约日 −53.7%
2026-07-15
$0.3407
1,895,089
一周内跌破那个重置价 $0.35
2026-07-27
$0.3320
79,650,228
★真正的天量在公告后两周=全部在外股的 5.8 倍
2026-09-04
$0.182
567,400
自签约日 −75.9%
价格来自 IBKR 日线(AMEX);交易条款来自上述 8-K 原文。
像在哪
触发器都是一笔小钱;
棘轮的受益人就是操盘那一方(MTNB 是 2025 年 2/4 月进场的 Series C 那组人;SNTI 是 Celadon);
Parent hereby commits to provide or cause to be provided to the Company aggregate additional funding in an amount equal to $6,000,000 (the "Additional Funding Amount")…并购协议 §7.14(a)
二、★ 但它可以让二级市场埋单
Parent shall have the right, in its sole discretion, to first direct the Company to sell shares of Company Common Stock pursuant to the Sales Agreement with Leerink Partners LLC … (the "ATM Facility"), and the Company shall use its commercially reasonable efforts … to effect such sales …; provided that the amount, timing and pricing of any such sales shall be determined by Parent in its sole discretion following consultation with the Company. Net proceeds actually received by the Company from sales under the ATM Facility … shall reduce, dollar-for-dollar, the amount required to be funded by Parent…并购协议 §7.14(b)
需要说清楚的是:截至 2026 年 8 月 13 日,特别委员会记录的事实是
「no sales under the ATM Facility or sales of Notes had taken place since the date of the Merger
Agreement」——也就是说,这条路它到那时为止还没有用。条款存在,不等于已经被用。
三、期限,以及逾期本来的后果
No later than twenty-one (21) days from the date of this Agreement … Parent or an Affiliate of Parent shall fund and purchase Additional Notes … in an amount equal to (i) the Additional Funding Amount, minus (ii) the aggregate amount of net proceeds actually received … under the ATM Facility.并购协议 §7.14(c)
并购协议签于 2026 年 7 月 14 日,加 21 天 = 2026 年 8 月 4 日。
逾期不出资,公司本来有一把很硬的刀:
[This Agreement may be terminated] by the Company, if Parent or an Affiliate of Parent has failed to fund and purchase the Additional Notes in accordance with Section 7.14 within the time period required thereunder.并购协议 §9.01(g) 而且 §9.03 没有把分手费挂在这一条上
四、实际发生了什么
日期
事
相对 8 月 4 日
2026-08-14
CPIF II-7 出资 $400 万
晚 10 天
2026-09-03
NSG 出资 $200 万
晚 30 天
然后,在 NSG 交割的前两天:
upon the completion of the Additional Purchases: (a) the Lead Investor shall be deemed to have satisfied in full its funding obligation under the Merger Agreement including any funding deadline or timing requirement set forth therein; and (b) any breach, default or non-compliance by the Lead Investor under the Merger Agreement arising from or relating to the timing of such funding shall be deemed cured in full, and each of the Company, Biosciences and the Issuer hereby irrevocably waives any right, claim or remedy it may have had, or may have, arising from any such breach, default or non-compliance.SPA 补充协议一 §14(2026-09-01)
From time to time, NSG BioInnovation Fund, L.P., or NSG, in which Timothy Lu has a financial interest, has contacted the Company about a potential investment in the Company, including by way of purchasing Notes.委托书「交易背景」
On August 8, 2026, Celadon and the Company discussed the potential purchase of Notes by NSG, including that NSG's purchase of Notes would count toward the Additional Funding Amount … Dr. Lu recused himself from all negotiations between NSG and the Company.委托书「交易背景」,2026-08-08
The Special Committee was aware of the fact that … Timothy Lu, a member of the Board and the Company's Chief Executive Officer has a financial interest in and is affiliated with NSG.委托书「交易背景」,2026-08-13
Timothy Lu 就是 SNTI 的 CEO,也是签署这批合同的那个人
(SPA 三家公司的签字页全是他签的)。
买方承诺的 600 万里,有 200 万——三分之一——
是被收购方 CEO 本人有财务利益的基金掏的,而且这笔钱抵掉了买方的义务。
再看委托书自己的一句话:这笔私募的投资人「may be identified by Celadon」——人是 Celadon 挑的。
还有一句:「Timothy Lu … has a passive financial interest in NSG, and his brother serves as the Managing Partner of NSG」;
而 NSG Ventures 官网团队页上只有两个姓 Lu 的人:Timothy Lu 和 Jeffrey Lu。
推断:那位「brother」应即 Jeffrey Lu
From and after the Closing, the Company and Parent shall use commercially reasonable efforts to maintain the listing of the Company Common Stock on Nasdaq. For clarity, the Company's obligation to use commercially reasonable efforts under the preceding sentence of this Section 7.15 is contingent on the Company's receipt of sufficient capital funding for such efforts.并购协议 §7.15
based on the Company's stockholders' deficit of $3,401,000 as of June 30, 2026, it is no longer in compliance with the minimum stockholders' equity requirement of $2.5 million … The Stockholders' Equity Notice further noted that the Company did not, as of August 27, 2026, meet any of the alternatives to the Stockholders' Equity Requirement.2026-09-02 8-K,Item 3.01
这不是第一次。「In 2024, we experienced a bid price deficiency and
regained compliance by way of a reverse stock split.」——2024 年就做过一次。
具体是:「On July 17, 2024, the Company effected a 1 for 10 reverse stock split of its
common stock」(2025 年度 10-K,附注 2)。
也就是说:两年做两次,第二次的比例区间还是第一次的 2 到 5 倍。
做了之后一年内再跌破 $1,规则会变严。
「if a company conducts a reverse split and then falls below the $1.00 minimum bid within one year,
it may no longer receive a new compliance period and can be subject to immediate delisting」。
★ 2026 年 1 月起纳斯达克新增了一条更硬的规则:
「if a company's common stock trades at or below $0.10 for ten consecutive trading days,
Nasdaq will immediately issue a delisting determination and the company's common stock
will be suspended from trading immediately. Unlike typical delisting determinations,
a company's request for a hearings panel review will not automatically stay the trading suspension.」
"Post-Transaction Merger" means any transaction between Senti Biosciences Holdings, Inc. and a counterparty pursuant to which Senti Biosciences, Inc. would be disposed of pursuant to a merger or similar transaction and the proceeds of which would be distributed to pre-transaction Senti Biosciences Holdings, Inc. stockholders.票据 §34(av)
这个定义在四处被豁免:不构成 Change of Control(§34(j))、
不构成 Fundamental Transaction(§34(z) 末句)、不受 SPA §4(k) 的浮动价禁令约束、
不受 SPA §4(o)(ii) 的静默期约束。
而并购协议更直接:
Notwithstanding anything to the contrary contained herein, the provisions of this Section 6.02 [禁止招揽] shall not apply to any proposed reverse merger transaction of the Company to occur contemporaneous with or prior to Closing Effective Time.并购协议 §6.02(f)
公司自己也在委托书里确认了这一点:「The Company is evaluating all options … including capital
raising transactions and asset or business acquisitions or mergers, which includes potential reverse
merger transactions.」