Business
Aditx Therapeutics Announces Closing of Upsized $9.6 Million Follow-On Public Offering
LOMA LINDA, CA, Sept. 10, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Aditx Therapeutics, Inc. (Aditxt) (the “Company”) (Nasdaq: ADTX), a life sciences
About this update from Aditxt, Inc.
[{"type":"text","content":"LOMA LINDA, CA, Sept. 10, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Aditx Therapeutics, Inc. (Aditxt) (the “Company”) (Nasdaq: ADTX), a life sciences company developing biotechnologies specifically focused on improving the health of the immune system through immune monitoring and reprogramming, today announced the closing of its previously announced upsized $9.6 million underwritten public offering of 2,400,000 units, with each unit consisting of one share of common stock, one Series A-1 Warrant, and one Series B-1 Warrant.\n The Series A-1 Warrants permit the holder to purchase one share of common stock at an exercise price of $3.19 per share and expire after 5 years. The Series B-1 Warrants are exercisable at $5.00 per share and expire after 5 years. The Series B-1 Warrants contain an exchange feature that will permit the holder to exchange the warrant into shares of common stock on a one-for-one basis any time commencing the earlier of 10 trading days from the offering or when $10 million of volume is traded in the Company’s common stock, if the closing stock price of the Company’s common stock on the date of exercise is below the exercise price of the Series B-1 Warrant. The underwriters continue to hold a 45-day option to purchase up to an additional 360,000 shares of common stock. Each unit was sold at price of $4.00. The common stock and the accompanying warrants included in the units were purchased together in this offering but were issued separately and were immediately separable upon issuance. The Company is also offering to those purchasers, if any, whose purchase of common stock in the offering would otherwise result in such purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% of the Company’s outstanding common stock immediately following the consummation of the offering, the opportunity, in lieu of purchasing common stock, to purchase non-voting Series A Convertible Preferred Stock (“Preferred Stock”). Each share of Preferred Stock is being sold together with the same warrants described above being sold with each share of common stock. For each share of Preferred Stock purchased in the offering in lieu of common stock, the Company will reduce the number of shares of common stock being sold in the offering on a one-for-one basis. The Company does not intend to a...