Business
ABVC BioPharma Announces Closing on $1.75 Million Registered Direct Offering
FREMONT, CA, July 31, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc. (NASDAQ: ABVC) ("Company"), a clinical-stage biopharmaceutical company
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, CA, July 31, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc. (NASDAQ: ABVC) (\"Company\"), a clinical-stage biopharmaceutical company developing therapeutic solutions in ophthalmology, neurology, and oncology/hematology, today announced it has closed on a definitive securities purchase agreement with a single institutional investor, acquiring $1.75 million worth of its common stock in a registered direct offering (the “Offering”). Under the terms of the securities purchase agreement, the Company agreed to sell an aggregate of 500,000 shares of common stock and/or pre-funded warrants in a registered direct offering. The purchase price per share of common stock is $3.50, and the purchase price for the pre-funded warrants is identical to the purchase price for a share of common stock, less the exercise price of $0.01 per share. Wilmington Capital Securities, LLC acted as the exclusive placement agent for the Offering. Gross proceeds to the Company from the Offering are estimated to be approximately $1.75 million before deducting the placement agent's fees and other offering expenses payable by the Company. The Company will use the net proceeds from the Offering on research and development of their programs, working capital, and other general corporate purposes, which may include the repayment of outstanding debt. The Offering of the shares of common stock and pre-funded warrants described above was made by the Company pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333- 260588) initially filed with the Securities and Exchange Commission (\"SEC\") on October 29, 2021, and declared effective by the SEC on November 29, 2021, and the accompanying prospectus contained therein. The Offering is only made by employing a prospectus supplement and accompanying prospectus. A prospectus supplement describing the terms of the Offering was filed with the SEC and is part of the effective registration statement. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale wou...