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ABVC BioPharma Announces Pricing of $1.75 Million Registered Direct Offering
FREMONT, CA, July 27, 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 27, 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 entered into a definitive securities purchase agreement with a single institutional investor to purchase $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 has 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 is acting 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 intends to 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 closing of the Offering is expected to occur on or about July 31, 2023, subject to the satisfaction of customary closing conditions. The Offering of the shares of common stock and pre-funded warrants described above is being 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 will be filed with the SEC and will form a part of the effective registration statement. When available, 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 co...