Business
electroCore, Inc. Announces Closing of $9.3 Million Registered Direct Offering and Concurrent Private Placements Priced At Market Under Nasdaq Rules
ROCKAWAY, N.J., June 06, 2024 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) (“electroCore” or the “Company”), a commercial-stage bioelectronic medicine
About this update from Electrocore, Inc.
[{"type":"text","content":"ROCKAWAY, N.J., June 06, 2024 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) (“electroCore” or the “Company”), a commercial-stage bioelectronic medicine and wellness company, today announced the closing of its previously announced registered direct offering of 225,000 registered pre-funded warrants to purchase shares of common stock (the “registered pre-funded warrants”) to an institutional accredited investor; the concurrent private placement of unregistered common stock warrants to purchase up to 112,500 shares of common stock to the investor; and the separate private placement of an aggregate of 1,208,310 shares of common stock (or pre-funded warrants to purchase common stock) and common stock warrants to purchase up to an aggregate of 604,150 shares of common stock, to certain institutional and accredited investors and directors and officers of the Company. All pre-funded warrants were sold at a purchase price of $6.43, minus $0.001 per pre-funded warrant, and are exercisable immediately at a price of $0.001 per share. All shares of common stock were sold at a purchase price of $6.43 per share. Each pre-funded warrant was sold together with one-half of one common stock warrant at a combined effective offering price of $6.4925, minus $0.001. Each share of common stock was sold together with one-half of one common stock warrant at a combined effective offering price of $6.4925. Each common stock warrant is immediately exercisable at a price of $6.43 per share and expires five years after issuance. The aggregate gross proceeds to the Company from the issuance and sale of the securities described above is approximately $9.3 million, before deducting other offering expenses payable by electroCore. This included approximately $5.645 million provided by directors and officers of electroCore. The Company currently intends to use the anticipated net proceeds of approximately $9.0 million from these sales for sales and marketing, working capital and general corporate purposes. The issuance and sale of the securities described above were priced “at market” under the rules of the Nasdaq Capital Market. Dan Goldberger, CEO of electroCore stated, “We appreciate the confidence of our returning investors. The Company’s revenue continued showing strong momentum during the first two months of the second quarter. I believe the business i...