Biodexa Pharmaceuticals Sets Pricing for $0.8M Registered Offering
Biodexa Pharmaceuticals announced the pricing of a $0.8M registered offering, a $1M concurrent private placement, and a $1.7M warrant inducement utilizing existing share capital authorities. The Registered Offering consists of 282,952 American depositary shares at an offering price of $2.85 per ADS. The Private Offering consists of pre-funded warrants to purchase 350,877 ADSs at a combined offering price of $2.8499 per pre-funded warrant. In consideration for the immediate exercise of existing warrants for cash, the company agreed to reduce the exercise price of the Existing Warrants to $2.85 and, subject to shareholder approval, issue new unregistered Series O warrants to purchase an aggregate of 1,219,512 ADSs. The offerings are expected to close on or about July 1. The aggregate gross proceeds to the company, before deducting placement agent fees and other offering expenses, are expected to be approximately $3.5M. Maxim Group is acting as the sole placement agent and warrant inducement agent for the offerings.
