Business
PainReform Announces Exercise of Warrants for $1.58 Million Gross Proceeds
TEL AVIV, Israel, Sept. 10, 2024 (GLOBE NEWSWIRE) -- PainReform Ltd. (Nasdaq: PRFX) ("PainReform" or the "Company"), a clinical-stage specialty pharmaceutical
About this update from Prf Technologies Ltd.
[{"type":"text","content":"TEL AVIV, Israel, Sept. 10, 2024 (GLOBE NEWSWIRE) -- PainReform Ltd. (Nasdaq: PRFX) (\"PainReform\" or the \"Company\"), a clinical-stage specialty pharmaceutical company focused on the reformulation of established therapeutics, today announced the entry into definitive agreements for the immediate exercise of certain outstanding warrants to purchase up to an aggregate of 989,300 ordinary shares of the Company originally issued in December 2023 and April 2024, having an exercise price of $4.80 per share, at a reduced exercise price of $1.60 per share. The ordinary shares issuable upon exercise of the warrants are registered pursuant to effective registration statements on Form F-3 (File No. 333-276485) and Form F-1 (File No. 333-277594). The offering is expected to close on or about September 11, 2024, subject to satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. In consideration for the immediate exercise of the warrants for cash, the Company will issue new unregistered warrants to purchase up to 1,978,600 ordinary shares. The new warrants will have an exercise price of $1.60 per share, will be exercisable immediately upon issuance and will expire five years from the date of issuance. The gross proceeds to the Company from the exercise of the warrants are expected to be approximately $1.58 million, prior to deducting placement agent fees and estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes. The new warrants described above were offered in a private placement pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended (the “1933 Act”) and, along with the ordinary shares issuable upon their exercise, have not been registered under the 1933 Act, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the SEC covering the resale of the ordinary shares issuable upon exercise of the new warrants. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in a...