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Posted On: 12/29/2023 3:17:26 PM
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NetworkNewsBreaks – Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) Enters Agreement for Million-Dollar Exercise of Outstanding Warrants
Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company focused on developing, manufacturing and commercializing innovative inflammation and immunology (“I&I”) biological products and provision of boutique CDMO (“CDMO”) services, has entered a definitive agreement for the immediate exercise of outstanding warrants. The agreement outlines the purchase of up to 2,606,552 American Depositary Shares (“ADSs”), with each ADS representing 400 ordinary shares. According to the announcement, exercise prices for the ADSs range from $1.16 to $5 per ADS and terms range from three years to five and one-half years. The company anticipates closing on the offering, which will be subject to customary conditions, about Jan. 3, 2024. Gross proceeds from the exercise of the warrants is projected to be an estimated $1.69 million before the deduction of placement agent fees and offering expenses. Scinai plans to use the funds from the offering for general working capital, R&D and general corporate purposes.
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Scinai Immunotherapeutics (NASDAQ: SCNI), a biopharmaceutical company focused on developing, manufacturing and commercializing innovative inflammation and immunology (“I&I”) biological products and provision of boutique CDMO (“CDMO”) services, has entered a definitive agreement for the immediate exercise of outstanding warrants. The agreement outlines the purchase of up to 2,606,552 American Depositary Shares (“ADSs”), with each ADS representing 400 ordinary shares. According to the announcement, exercise prices for the ADSs range from $1.16 to $5 per ADS and terms range from three years to five and one-half years. The company anticipates closing on the offering, which will be subject to customary conditions, about Jan. 3, 2024. Gross proceeds from the exercise of the warrants is projected to be an estimated $1.69 million before the deduction of placement agent fees and offering expenses. Scinai plans to use the funds from the offering for general working capital, R&D and general corporate purposes.
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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