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Posted On: 09/15/2023 4:47:40 PM
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NetworkNewsBreaks – Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) Announces $1.33M Registered Direct
Scinai Immunotherapeutics (NASDAQ: SCNI) is a biopharmaceutical company focused on developing, manufacturing and commercializing innovative inflammation and immunology (“I&I”) biological products primarily for the treatment of autoimmune and infectious diseases. The company today announced its entry into a definitive agreement for the purchase and sale of 1,146,552 of the company’s American Depositary Shares (“ADSs”) (or ADS equivalents), each ADS representing 400 ordinary shares, at a purchase price of yesterday’s closing price of $1.16 per ADS (or ADS equivalent), in a registered direct offering. In addition, the company will issue unregistered warrants to purchase up to 1,146,552 ADSs representing ordinary shares in a concurrent private placement. The warrants will have an exercise price of $1.16 per ADS and will be immediately exercisable upon issuance for a 5 1/2-year period. The gross proceeds to Scinai from the offering are expected to be approximately $1.33 million, of which it intends to use net proceeds for general working capital, research and development, and general corporate purposes. Subject to the satisfaction of customary conditions, the closing is expected to occur on or about Sept. 19, 2023. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Scinai Immunotherapeutics (NASDAQ: SCNI) is a biopharmaceutical company focused on developing, manufacturing and commercializing innovative inflammation and immunology (“I&I”) biological products primarily for the treatment of autoimmune and infectious diseases. The company today announced its entry into a definitive agreement for the purchase and sale of 1,146,552 of the company’s American Depositary Shares (“ADSs”) (or ADS equivalents), each ADS representing 400 ordinary shares, at a purchase price of yesterday’s closing price of $1.16 per ADS (or ADS equivalent), in a registered direct offering. In addition, the company will issue unregistered warrants to purchase up to 1,146,552 ADSs representing ordinary shares in a concurrent private placement. The warrants will have an exercise price of $1.16 per ADS and will be immediately exercisable upon issuance for a 5 1/2-year period. The gross proceeds to Scinai from the offering are expected to be approximately $1.33 million, of which it intends to use net proceeds for general working capital, research and development, and general corporate purposes. Subject to the satisfaction of customary conditions, the closing is expected to occur on or about Sept. 19, 2023. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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