PTE - PolarityTE to raise $8M in registered direct and private placement offerings

PolarityTE (NASDAQ:PTE) trades 6.3% down premarket after it entered into securities purchase agreements with a single healthcare-focused institutional investor for the purchase and sale of 1.58M shares at a purchase price of $2.525/share in a registered direct offering. In a concurrent private placement, PolarityTE also agreed to issue and sell 1.58M shares at the same purchase price. It has agreed to issue to the investor in the offerings unregistered preferred investment options to purchase up to 3.17M shares. The unregistered investment options will be exercisable on issuance at an exercise price of $2.40/share and will expire five years from issuance date. Gross proceeds of both the offerings are expected to be ~$8M; net proceeds to be used for general corporate purposes and working capital. Offer is expected to close on or about June 8.

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PolarityTE to raise $8M in registered direct and private placement offerings