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NRx Pharmaceuticals Announces $6.28 Million Registered Direct Offering
RADNOR, Pa., June 6, 2023 /PRNewswire/ -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP), ("NRx Pharmaceuticals" or the "Company"), a clinical-stage
About this update from Nrx Pharmaceuticals, Inc.
[{"type":"text","content":"RADNOR, Pa., June 6, 2023 /PRNewswire/ -- NRx Pharmaceuticals, Inc. (Nasdaq: NRXP), (\"NRx Pharmaceuticals\" or the \"Company\"), a clinical-stage biopharmaceutical company, today announced that it has entered into definitive agreements for the purchase and sale of 9,670,002 shares of common stock at a purchase price of $0.65 per share of common stock in a registered direct offering. In a concurrent private placement, the Company will issue unregistered warrants to purchase up to 9,670,002 shares of common stock at an exercise price of $0.6525 per share that will be exercisable six months following issuance for five years following the initial exercise date. The exercise price of the warrants is not subject to future price adjustment, other than for stock splits. The closing of the offering is expected to occur on or about June 8, 2023, subject to the satisfaction of customary closing conditions.\nH.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.\nThe gross proceeds from the offering are expected to be approximately $6.28 million before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes and may use the net proceeds to initiate research into the use of NRX-101 for the treatment of PTSD and Chronic Pain. In connection with this offering, the company anticipates servicing its current debt on a current-interest basis through the end of 2023 in order to devote maximum available capital to the advancement of its pharmaceutical assets.\nThe shares of common stock (but not the warrants or the shares of common stock underlying the warrants) described above are being offered by the Company pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333-265492) that was filed with the Securities and Exchange Commission (the \"SEC\") on June 9, 2022 and declared effective by the SEC on June 14, 2022. The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospect...