- Addex Therapeutics ( NASDAQ: ADXN ) said it was raising $4.2M via an equity agreement with Armistice Master Fund LTV.
- The Swiss company will sell 3.3M shares in the form of 550K American Depositary Shares (ADSs) at $1.70 per ADS, which is equivalent to CHF 0.27/share.
- Each ADS represents six shares.
- In addition, Addex agreed to issue to Armistice unregistered pre-funded warrants to buy up to 11.7M shares in the form of 1.95M ADSs at a funded amount of $1.69 with $0.01 payable on exercise; plus unregistered warrants to buy up to 15M shares, representing 2.5M ADSs at $1.90 per ADS in a, in a concurrent private placement.
- The company said gross proceeds will be $4.2M.
- Addex intends to use the net proceeds to advance its clinical and preclinical pipeline.
- The offering is expected to close around July 26.
- ADXN -11.40% to $1.71 premarket July 22
For further details see:
Addex stock falls 11% amid $4.2M equity financing with Armistice