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Biofrontera Inc. Announces Exercise of Existing Warrants and Issuance of Warrants in Private Placement
WOBURN, Mass., July 27, 2022 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the commercialization of
About this update from Biofrontera Inc.
[{"type":"text","content":"WOBURN, Mass., July 27, 2022 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq: BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, announced today it has entered into agreements with certain of its holders of its existing warrants for 2,857,143 shares of its common stock, in the aggregate. Pursuant to the agreement such holders will promptly exercise their warrants in full, in accordance with their terms, including any beneficial ownership limitations. In return, the strike price was reduced by the Company from $5.25 to $1.62 per share and the Company agreed to issue in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the \"Securities Act\"), new warrants to purchase up to 4,285,715 shares of its common stock. The new warrants have a strike price of $1.66 per share of common stock and will be exercisable six months from the date of issuance. The aggregate gross proceeds from the exercise of the existing warrants and the issuance of the new warrants are expected to total approximately $4.69 million, before deducting the financial advisory fees. The securities offered in the private placement have not been registered under the Securities Act or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. As part of the transaction, the Company has agreed to file a registration statement on Form S-1 with the Securities and Exchange Commission within 30 days of the closing to register the resale of the shares of common stock underlying the warrants issued in the private placement. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Biofrontera Inc. Biofrontera Inc. is a U.S.-based biopharmaceutical company commercializing a portfolio of pharmaceutical products for the treatment of dermatological conditions with a focus o...