Precipio, Inc. Announces Pricing of $2 Million Registered Direct Offering and Concurrent Private Placement

About this update from Precipio, Inc.

[{"type":"text","content":"NEW HAVEN, Conn., June 08, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), today announced it has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 4,125,000 shares of the Company’s common stock and pre-funded warrants to purchase 319,445 shares of the Company’s common stock in a registered direct offering and warrants to purchase up to 8,888,890 shares of common stock at a combined purchase price of $0.45 in a concurrent private placement (together with the registered direct offering, the “offering”). The pre-funded warrants will have a nominal exercise price of $0.001 per share and will be immediately exercisable and of indefinite term. The common warrants issued pursuant to the concurrent private placement will have an exercise price of $0.63 per share, will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date. The closing of the offering is expected to occur on or about June 12, 2023, subject to the satisfaction of customary closing conditions. The net proceeds from the offering are expected to be approximately $2 million, excluding any proceeds that may be received upon the cash exercise of the warrants, after deducting the financial advisor’s fees and estimated offering expenses payable by the Company. The Company intends to use the net proceeds of this offering for working capital and general corporate purposes. A.G.P./Alliance Global Partners is acting as the financial advisor for the offering. The shares of common stock and pre-funded warrants will be issued in a registered direct offering pursuant to an effective shelf registration statement on Form S-3 (File No. 333-271277) previously filed with the U.S. Securities and Exchange Commission (the “SEC”), under the Securities Act of 1933, as amended (the “Securities Act”), and was declared effective by the SEC on April 27, 2023. The common warrants will be issued in a concurrent private placement. A prospectus supplement describing the terms of the proposed registered direct offering will be filed with the SEC and once filed, will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./All...

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