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ABVC BioPharma, Inc. Announces $4.22 Million Registered Direct Offering
Fremont, CA, May 12, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc. (“ABVC” or the “Company”) (NASDAQ: ABVC) today announced that it has
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"Fremont, CA, May 12, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc. (“ABVC” or the “Company”) (NASDAQ: ABVC) today announced that it has entered into securities purchase agreements with certain institutional investors for the issuance and sale of 2,000,000 shares of common stock and warrants to purchase up to 2,000,000 shares of common stock, at a purchase price of $2.11 per share and accompanying warrant in a registered direct offering. The warrants will be immediately exercisable at an exercise price of $2.45 per share of common stock and will expire five years from the date of issuance. The closing of the offering is expected to occur on or about May 16, 2022, subject to the satisfaction of customary closing conditions. WallachBeth Capital, LLC, a leading provider of capital markets and institutional execution services is the co- placement agent for the offering, along with ViewTrade Securities, Inc. The gross proceeds to the Company are expected to be approximately $4.22 million, before deducting placement agent fees and other offering expenses. ABVC currently intends to use the net proceeds from the offering for working capital purposes. The securities described above are being offered pursuant to a “shelf” registration statement on Form S-3 (Registration No. 333-260588) (the “Registration Statement”), which was declared effective by the Securities and Exchange Commission (the “SEC”) on November 29, 2021. A prospectus supplement to the prospectus contained in the Registration Statement relating to the offering will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, from WallachBeth Capital, LLC, via email at [email protected] or at the SEC’s website at http://www.sec.gov. This press release shall 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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. About ABVC BioPharma ABVC BioPharma is a clinical-stage biopharmaceutical company focused on utilizing its licensed technology to conduct proof-of-concept trials through Phase II of the clinical development pr...