SCNI - Scinai Immunotherapeutics Announces $1.33 Million Registered Direct Offering | Benzinga
JERUSALEM, Sept. 15, 2023 (GLOBE NEWSWIRE) -- via IBN – Scinai Immunotherapeutics Ltd. (NASDAQ:SCNI) 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, today announced that it has entered 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 four hundred (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, in a concurrent private placement, the Company will issue unregistered warrants to purchase up to 1,146,552 ADSs representing ordinary shares. The warrants will have an exercise price of $1.16 per ADS and will be immediately exercisable upon issuance for a period of five and one-half years. The closing of the offering is expected to occur on or about September 19, 2023, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering are expected to be approximately $1.33 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for general working capital, research and development, and general corporate purposes.
The ADSs (or ADS equivalents) described above (but not the unregistered warrants and the ADSs issuable thereunder) are being offered by the Company pursuant to a "shelf" registration statement on Form F-3 (File No. 333-274078) previously filed with the Securities and Exchange Commission (the "SEC") on August 18, 2023 and declared effective by the SEC on August 28, 2023. The offering of the ADSs (or ADS equivalents) in the registered direct offering is made only by means of a prospectus, including a prospectus supplement, forming a part of ...