Business
PolyPid Announces Pricing of $6.2 Million Underwritten Public Offering of Ordinary Shares and Concurrent $4.4 Million Private Placement of Pre-Funded Warrants
PETACH TIKVA, Israel, March 29, 2023 (GLOBE NEWSWIRE) -- PolyPid Ltd. (Nasdaq: PYPD) (“PolyPid” or the “Company”), a late-stage biopharma company aiming to
About this update from Polypid Ltd.
[{"type":"text","content":"PETACH TIKVA, Israel, March 29, 2023 (GLOBE NEWSWIRE) -- PolyPid Ltd. (Nasdaq: PYPD) (“PolyPid” or the “Company”), a late-stage biopharma company aiming to improve surgical outcomes, announced today the pricing of an underwritten public offering of 14,660,000 ordinary shares, no par value (the “Ordinary Shares”) at a public offering price of $0.42 per share (the “Public Offering”). The gross proceeds to PolyPid from the Public Offering, before deducting underwriting commissions and other estimated offering expenses payable by PolyPid, are expected to be approximately $6.2 million. In addition, PolyPid has granted the underwriter a 30-day option to purchase up to an additional 2,199,000 Ordinary Shares at the public offering price, less underwriting discounts and commissions, to cover over-allotments in connection with the Public Offering. All of the Ordinary Shares in the Public Offering were offered by PolyPid. The Public Offering is expected to close on or about March 31, 2023, subject to the satisfaction of customary closing conditions. The Company also entered into a concurrent private placement of unregistered pre-funded warrants to purchase up to 10,357,139 Ordinary Shares, or the Private Warrants, at a price of $0.4199 per Private Warrant with certain of the Company’s existing shareholders. The Private Warrants have an exercise price of $0.0001 per Ordinary Share. The gross proceeds to PolyPid from the concurrent private placement, before deducting private placement fees and other estimated offering expenses payable by PolyPid, are expected to be approximately $4.4 million. The Private Warrants and the Ordinary Shares issuable upon the exercise of the Private Warrants are being offered in a private placement pursuant to the exemption provided in Section 4(a)(2) under the Securities Act of 1933, as amended, and Regulation S promulgated thereunder, and they are not being offered pursuant to a prospectus. The exercise of the Private Warrants will be subject to an increase of PolyPid’s authorized share capital. The Company will ask its shareholders to approve the increase of its authorized share capital at its 2023 annual shareholders meeting. The private placement is expected to close on or about March 31, 2023, subject to the satisfaction of customary closing conditions. PolyPid intends to use the net proceeds from the Publ...