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Hoth Therapeutics Announces Private Placement of Equity Priced At-The-Market Under Nasdaq Rules
Definitive Agreement for $5.0 Million in Gross Proceeds NEW YORK, Jan. 5, 2021 /PRNewswire/ -- Hoth Therapeutics, Inc. (NASDAQ: HOTH), a biopharmaceutical
About this update from Hoth Therapeutics, Inc.
[{"type":"text","content":"Definitive Agreement for $5.0 Million in Gross Proceeds\n\n\nNEW YORK, Jan. 5, 2021 /PRNewswire/ -- Hoth Therapeutics, Inc. (NASDAQ: HOTH), a biopharmaceutical company, today announced that it has entered into a definitive securities purchase agreement in connection with a private placement to institutional investors. Upon the closing of the financing, the Company expects to receive gross proceeds of approximately $5.0 million, not including any proceeds that may be received upon exercise of warrants. The closing of the financing is subject to customary closing conditions. \n\n \n \n \n \n \n \n\n \nThe Benchmark Company, LLC is acting as the exclusive placement agent for the financing. \nUnder the securities purchase agreement, the investors have agreed to purchase 2,475,248 million shares of the Company's Common Stock (\"Common Stock\") and accompanying warrants to purchase up to an aggregate of approximately 1,237,624 million shares of Common Stock, at a purchase price of $2.02 per share and accompanying warrant to purchase 0.5 of a share of Common Stock, which is at-the-market under Nasdaq rules. The warrants will be exercisable for a period of five years following the date of issuance and will have an exercise price of $2.25 per share, subject to proportional adjustments in the event of stock splits or combinations or similar events. The closing is expected to occur on January 7, 2021, subject to customary closing conditions. \nThe offer and sale of the foregoing securities are being made in a transaction not involving a public offering and 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 reoffered or resold 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.\nThis press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.\nAbout Hoth Therapeutics, Inc.Hoth Therapeutics, Inc. is a clinical-stage biopharmaceuti...