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Lucosky Brookman Represents Chardan Capital in Sonnet BioTherapeutics' Successful Public Offering

Lucosky Brookman is pleased to announce its successful representation of Chardan Capital in the recent underwritten public offering by Sonnet BioTherapeutics Holdings, Inc. (SONN). Sonnet, a clinical-stage company pioneering innovative targeted biologic drugs, revealed the pricing of an underwritten public offering that marks a significant milestone in their journey. The offering, led by existing investors, is set to raise vital capital for the company's ongoing research and development efforts, clinical trials, and general corporate purposes.

Sonnet BioTherapeutics, also referred to as "Sonnet," disclosed the pricing details of their public offering, which included 2,843,750 shares of common stock (or pre-funded warrants) and investor warrants to purchase up to 5,687,500 shares of common stock. Each common stock share (or pre-funded warrant) was packaged with two investor warrants, offered at a combined price of $1.60 per package, resulting in total gross proceeds of approximately $4.55 million. This amount is calculated before underwriting discounts, commissions, and any offering expenses incurred by Sonnet.

Investors who participate in this offering will receive investor warrants that are exercisable for one share of common stock at an exercise price of $1.60 per share. These warrants can be exercised for a period of five years, starting from the date of issuance. The closing occurred on October 27, 2023.

The net proceeds generated from this public offering will significantly bolster Sonnet's operations, providing funds for research and development activities, including vital clinical trials. These funds will also enhance working capital and support the company's overall corporate needs.

Chardan Capital, alongside Ladenburg Thalmann & Co. Inc., served as joint book-running managers in overseeing the offering.