Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) announced the successful completion of a $2.61 million private placement and concurrent warrant inducement transaction.
The offering was structured as a unit deal, with each unit consisting of one American Depositary Share (ADS) and two warrants, priced at $0.48 per unit. In connection with the transaction, existing warrant holders exercised outstanding warrants at $0.48 per ADS in exchange for the issuance of two new ADS warrants for each warrant exercised.
Proceeds from the transaction are expected to support the Company’s ongoing operations and advancement of its immunotherapeutics platform.
A.G.P./Alliance Global Partners acted as financial advisor for the offering. Lucosky Brookman LLP served as U.S. counsel to the company in connection with the private placement and warrant inducement transaction.
