Business
Check-Cap Ltd. Announces $3.0 Million Registered Direct Offering
ISFIYA, Israel, May 8, 2020 /PRNewswire/ -- Check-Cap Ltd. (the "Company" or "Check-Cap") (NASDAQ: CHEK), (NASDAQ: CHEKZ), a clinical stage medical
About this update from Check-cap Ltd.
[{"type":"text","content":"ISFIYA, Israel, May 8, 2020 /PRNewswire/ -- Check-Cap Ltd. (the \"Company\" or \"Check-Cap\") (NASDAQ: CHEK), (NASDAQ: CHEKZ), a clinical stage medical diagnostics company advancing the development of C-Scan®, the first and only preparation-free screening test to detect polyps before they transform into colorectal cancer, today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 5,000,000 of the Company's ordinary shares, at a purchase price of $0.60 per share, in a registered direct offering. Check-Cap has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 5,000,000 ordinary shares. The offering is expected to close on or about May 13, 2020, subject to satisfaction of customary closing conditions.\n\n \n \n \n \n \n \n\n \nH.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.\nThe warrants will have a term of five and one-half years, be exercisable immediately and have an exercise price of $0.80 per ordinary share. \nThe gross proceeds to Check-Cap from this offering are expected to be $3.0 million, before deducting the placement agent's fees and other offering expenses. The Company intends to use the net proceeds from the offering to advance the ongoing clinical development of C-Scan®, including preparations for the Company's U.S. pivotal study, and for general corporate purposes. \nThe ordinary shares (but not the warrants or the ordinary shares underlying the warrants) are being offered by Check-Cap pursuant to a \"shelf\" registration statement on Form F-3 (File No. 333- 225789) previously filed with the Securities and Exchange Commission (the \"SEC\") on June 21, 2018 and declared effective by the SEC on July 16, 2018. The offering of the ordinary shares will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the ordinary shares being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by p...