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CNS Pharmaceuticals Announces Closing of $11.5 Million Private Placement Priced At-the-Market Under Nasdaq Rules
HOUSTON, Jan. 10, 2022 /PRNewswire/ -- CNS Pharmaceuticals, Inc. (NASDAQ: CNSP) ("CNS" or the "Company"), a biopharmaceutical company specializing in the
About this update from Cns Pharmaceuticals, Inc.
[{"type":"text","content":"HOUSTON, Jan. 10, 2022 /PRNewswire/ -- CNS Pharmaceuticals, Inc. (NASDAQ: CNSP) (\"CNS\" or the \"Company\"), a biopharmaceutical company specializing in the development of novel treatments for primary and metastatic cancers of the brain and central nervous system (CNS), announced today the closing of its previously announced private placement priced at-the-market under Nasdaq rules of 12,105,264 shares of common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to an aggregate of 12,105,264 shares of common stock, at a purchase price of $0.95 per share of common stock (or pre-funded warrant) and associated warrant. The gross proceeds to CNS from the private placement were approximately $11.5 million, before deducting placement agent fees and other offering expenses payable by the Company. The warrants have an exercise price of $0.82 per share of common stock, are exercisable immediately upon issuance for a period of five years from the date of issuance.\n\n \n \n \n \n \n \n\n \nH.C. Wainwright & Co. acted as the exclusive placement agent for the private placement.\nThe Company intends to use the net proceeds from the private placement to fund its clinical trials and preclinical programs, for other research and development activities and for general corporate purposes.\nThe offer and sale of the foregoing securities were made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (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. Under an agreement with the investors, the Company will file an initial registration statement with the Securities and Exchange Commission (the \"SEC\") covering the resale of the shares of common stock issued to the investors (including the shares of common stock issuable upon the exercise of the warrants) no later than 15 days and use commercially reasonable efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 75 days in the event of a \"full review\" by...