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Kiora Pharmaceuticals Announces Closing of $6.0 Million Underwritten Public Offering and Full Exercise of Over-Allotment Option
Salt Lake City, Utah--(Newsfile Corp. - July 26, 2022) - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX), ("Kiora" or the "Company") today announced the closing of
About this update from Kiora Pharmaceuticals, Inc.
[{"type":"text","content":"Salt Lake City, Utah--(Newsfile Corp. - July 26, 2022) - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX), (\"Kiora\" or the \"Company\") today announced the closing of an underwritten public offering for gross proceeds of approximately $6.0 million, which includes full exercise of the underwriter's over-allotment option to purchase additional shares and warrants, prior to deducting underwriting discounts and commissions and offering expenses.\nThe offering was comprised of (i) 23,695,697 shares of common stock, (ii) 1,280 shares of Series E Convertible Preferred Stock, (iii) 30,095,697 Class A Warrants with an exercise price of $0.20 per share and a term of one year following the initial exercise date, and (iv) 30,095,697 Class B Warrants with an exercise price of $0.20 per share and a term of five years following the initial exercise date. The price per share of common stock, Class A Warrant and Class B Warrant was $0.20. The price per share of Series E Convertible Preferred Stock, Class A Warrant to purchase 5,000 shares of common stock and Class B Warrant to purchase 5,000 shares of common stock was $1,000.00. The warrants issued in this transaction are fixed priced and do not contain any variable pricing features. The warrants will be exercisable beginning on the effective date of a reverse stock split in an amount sufficient to permit the exercise in full of the warrants, contingent upon stockholder approval of such reverse stock split and of the exercisability of the warrants. The shareholder meetings will be held on or before September 23, 2022.\nLadenburg Thalmann & Co. Inc. acted as sole book-running manager in connection with this offering.\nThe securities issued at closing include 3,925,525 shares of common stock, Class A Warrants to purchase up to 3,925,525 shares of common stock and additional Class B Warrants to purchase up to 3,925,525 shares of common stock, issued upon the full exercise of the over-allotment option. The securities were offered pursuant to a registration statement on Form S-1 (File No. 333-264641), which was declared effective by the United States Securities and Exchange Commission (\"SEC\") on July 21, 2022.\nThis press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitat...