Business
Jaguar Health Announces Exercise of Warrants for $4.45 Million Gross Proceeds
SAN FRANCISCO, CA / ACCESSWIRE / May 22, 2020 / Jaguar Health, Inc. (NASDAQ:JAGX) ("Jaguar" or the "Company") today announced that it has entered into
About this update from Jaguar Health, Inc.
[{"type":"text","content":"SAN FRANCISCO, CA / ACCESSWIRE / May 22, 2020 / Jaguar Health, Inc. (NASDAQ:JAGX) (\"Jaguar\" or the \"Company\") today announced that it has entered into agreements with several institutional and accredited investors wherein the investors agreed to exercise certain outstanding warrants to purchase an aggregate of up to 9,077,102 shares of common stock for gross proceeds to the Company of approximately $4.45 million. These warrants were previously issued in a bridge financing to and as part of Jaguar's public offering which closed in July 2019.\"We're very pleased to have executed this transaction,\" Lisa Conte, Jaguar's president and CEO, stated, \"as it supports our strategy of supporting our patient access programs to remove barriers for people living with HIV/AIDS to access Mytesi®, our non-opioid, oral, plant-based drug product, as we continue to work to become a financially sustainable business supported by growth in Mytesi sales for its FDA-approved indication.\"Ladenburg Thalmann & Co. Inc. is acting as the exclusive solicitation agent for the transaction.On May 22, 2020, the Company reduced the exercise price of all Series 1 Warrants and Series 2 Warrants issued as part of the July 2019 financing (collectively, the \"Original Warrants\") from $1.40 per share to $0.49 per share and from $2.00 per share to $0.49 per share, respectively, and all the warrants to purchase common stock previously issued in private placements by the Company in March through June of 2019 (the \"Bridge Warrants\") from $2.00 per share to $0.49 per share.The issuance of the Original Warrants to the public and the issuance of the Common Stock upon exercise thereof have been registered on a registration statement on Form S-1 (File No. 333-231399), which was declared effective by the Securities and Exchange Commission (the \"SEC\") on July 18, 2019, and an additional registration statement (File No. 333-232715) filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended (the \"Securities Act\"), which became effective when filed. The offer and sale of shares of Common Stock underlying the Bridge Warrants has been registered on the Company's registration statement on Form S-1 (File No. 333-233989), which was previously filed and declared effective by the SEC.In consideration for the immediate exercise of the Original Warrants and the Brid...