PTE - PolarityTE raises $7.7M via exercise of warrants

PolarityTE (PTE) announced the agreement by an investor to exercise certain warrants to purchase up to 10.7M shares at an exercise price of $0.624.In consideration for the exercise of the warrants for cash, the company will sell to the exercising holder an additional 5-year warrants pursuant that will be exercisable up to 8M shares at an exercise price of $1.20/share. Purchase price of the additional warrant will be or $0.125/warrant share.Gross proceed from the exercise of the warrants and the sale of the additional warrants are expected to be $7.7M that will be used for working capital and general corporate purposes.Shares are up 2% in premarket.

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PolarityTE raises $7.7M via exercise of warrants