Business
PURE Bioscience Completes Successful Warrant Tender Offer and Raises $2.8 Million from Exercise of Warrants
PURE Bioscience Completes Successful Warrant Tender Offer and Raises $2.8 Million from Exercise of Warrants.
About this update from Pure Bioscience
[{"type":"text","content":"\n \n PURE Bioscience, Inc. (OTCQB: \n PURE), creator of the patented, non-toxic silver dihydrogen citrate (SDC) \n antimicrobial, announced today that on October 10, 2017 it successfully \n completed a tender offer to amend and exercise three classes of \n outstanding warrants issued to investors who participated in its 2014, \n 2015 and 2017 private placement financings. PURE raised approximately \n $2.8 million in gross cash proceeds from the exercise of 4,756,163 \n outstanding warrants as part of the tender offer.\n \n \n PURE offered its existing warrant holders the opportunity to exercise \n their warrants in cash at reduced exercise prices. Approximately 64% of \n the Company’s outstanding warrants were exercised in the tender offer.\n \n \n Net proceeds are anticipated to be approximately $2.6 million after \n deducting warrant solicitation agent fees and other offering expenses \n and are expected to be used for working capital and general corporate \n purposes.\n \n \n Hank \n R. Lambert, Chief Executive Officer, said that, “We are pleased with \n the broad support and participation of our existing investors in the \n tender offer. The purpose of the tender offer was to raise non-dilutive \n funds to support the Company’s operations. Also important is the fact \n that the tender offer and warrant exercises streamlined the Company’s \n capital structure and eliminated its warrant derivative liability \n – thus helping the Company prepare for a potential future uplisting to a \n national stock exchange.\n \n \n “We believe that the net proceeds from the tender offer will support \n PURE’s execution of its commercialization strategy, and will help drive \n us to our goal of cash flow breakeven by calendar Q4 2018,” concluded \n Lambert.\n \n \n Garden State Securities Inc. assisted the Company as warrant \n solicitation agent with respect to the warrants issued in the 2017 \n private placement financing.\n \n \n The complete terms of the tender offer were set forth in the Tender \n Offer Statement on Schedule TO and related exhibits, including the Offer \n to Amend and Exercise, filed with the Securities and Exchange Commission \n (the \"SEC\") on August 25, 2017, as amended. The warrants issued in the \n 2017 private placement were exercised pursuant to a prospectus filed ...