NanoViricides, Inc. (NYSE American: NNVC) announced the successful closing of its previously announced registered direct offering resulting in aggregate gross proceeds of approximately $6.0 million, before placement agent fees and offering expenses.
The offering consisted of 3,571,429 shares of common stock (or common stock equivalents) priced at $1.68 per share and was completed with a single healthcare-focused institutional investor.
In a concurrent private placement, the Company issued Series A warrants to purchase up to 3,571,429 shares of common stock and Series B warrants to purchase up to an additional 3,571,429 shares of common stock. The Series A warrants are exercisable six months from issuance at an exercise price of $1.75 per share and expire two years from issuance. The Series B warrants are exercisable six months from issuance at an exercise price of $2.00 per share and expire 5.5 years from issuance.
Net proceeds from the offering are expected to be used for working capital and general corporate purposes.
A.G.P./Alliance Global Partners acted as the sole placement agent for the transaction. Lucosky Brookman LLP served as counsel to NanoViricides, Inc. in connection with the offering.
