SCYNEXIS Announces Closing of $85 Million Public Offering of Common Stock, Pre-Funded Warrants and Warrants

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[{"type":"text","content":"JERSEY CITY, N.J., Dec. 22, 2020 (GLOBE NEWSWIRE) -- SCYNEXIS, Inc. (Nasdaq: SCYX) today announced the closing of its previously announced underwritten public offering of common stock, pre-funded warrants and warrants. The shares and warrants were sold at a public offering price of $6.25 per share and accompanying warrants, and the pre-funded warrants were sold at a public offering price of $6.249 per pre-funded warrant and accompanying warrants. The total gross offering proceeds to SCYNEXIS from this offering were $85.0 million, before deducting the underwriting discount and other estimated offering expenses, and excluding the exercise of any pre-funded warrants or warrants. All of the shares of common stock, pre-funded warrants and warrants were offered by SCYNEXIS. At closing, SCYNEXIS issued 8,340,000 shares of its common stock, pre-funded warrants to purchase 5,260,000 shares of common stock, and two series of warrants to purchase an aggregate of 13,600,000 additional shares of its common stock. The pre-funded warrants were issued to certain purchasers who have elected to purchase them in lieu of shares of common stock in this offering, as those purchasers would otherwise have exceeded 19.99% (or such lesser percentage as required by the investor) beneficial ownership of SCYNEXIS common stock immediately following the offering. The shares of common stock, pre-funded warrants and warrants were issued separately. The Series 1 warrants to purchase up to 6,800,000 shares of common stock have a one-year term and an exercise price of $7.33 per share, and the Series 2 warrants to purchase up to 6,800,000 shares of common stock have a three-and-a-half-year term and an exercise price of $8.25 per share. The pre-funded warrants and the warrants in each series are exercisable immediately. The warrants were certificated and are being delivered to the investors by physical delivery following the closing. There is no established public trading market for the pre-funded warrants or the warrants, and SCYNEXIS does not expect a market to develop. Guggenheim Securities, LLC and Cantor Fitzgerald & Co. served as joint book-running managers for the offering. Ladenburg Thalmann & Co. Inc. and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NASDAQ: NHLD), acted as co-lead managers for the offering. Brooklin...

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