PRFX - PainReform Announces Exercise of Warrants for Approximately $1.3 Million in Gross Proceeds | Benzinga
TEL AVIV, Israel, Dec. 26, 2023 (GLOBE NEWSWIRE) -- PainReform Ltd. (NASDAQ:PRFX) ("PainReform" or the "Company"), a clinical-stage specialty pharmaceutical company focused on the reformulation of established therapeutics, today announced the entry into a definitive agreement for the immediate exercise of certain outstanding warrants to purchase up to an aggregate of 467,896 ordinary shares, having an exercise price of $9.00 per ordinary share, issued by PainReform in July 2023, at a reduced exercise price of $2.85 per ordinary share. The ordinary shares issuable upon exercise of the warrants are registered pursuant to an effective registration statement on Form F-1 (File No. 333-274220). The closing of the offering is expected to occur on or about December 29, 2023, subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
In consideration for the immediate exercise of the warrants for cash, PainReform will issue new unregistered warrants to purchase up to 935,792 ordinary shares. The new warrants will have an exercise price of $2.85 per ordinary share, will be immediately exercisable and have a term of exercise equal to five years from the date of issuance.
The gross proceeds to PainReform from the exercise of the warrants are expected to be approximately $1.3 million, prior to deducting placement agent fees and offering expenses. The Company intends to use the net proceeds for funding research and development and clinical trials and for other working capital and general corporate purposes.
The new warrants described above were offered in a private placement pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended (the "1933 Act"), and, along with the ordinary shares issuable upon exercise, have not been registered under the 1933 Act, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission ...