Business
SenesTech Announces Closing of Warrant Exercise for $2.3 Million in Gross Proceeds
PHOENIX, Aug. 23, 2024 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES, "SenesTech" or the "Company"), the rodent fertility control experts and inventors of the
About this update from Senestech, Inc.
[{"type":"text","content":"PHOENIX, Aug. 23, 2024 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES, \"SenesTech\" or the \"Company\"), the rodent fertility control experts and inventors of the only EPA registered contraceptive for male and female rats, announced today the closing of an exercise of certain existing warrants to purchase 505,502 shares of the Company's common stock at a reduced exercise price of $4.60 per share. In addition, the Company issued new warrants, as described below. The aggregate gross proceeds from the exercise of the existing warrants were approximately $2.3 million, before deducting placement agent fees and other offering expenses payable by the Company.\n\n \n \n \n \n \n \n\n \nH.C. Wainwright acted as the exclusive placement agent for the transaction.\nThe Company expects to use the net proceeds from the transaction for working capital and general corporate purposes.\nThe resale or issuance, as applicable, of the shares of common stock issued upon the exercise of the existing warrants have been registered pursuant to effective registration statements.\nAs consideration for the exercise of such existing warrants for cash, the Company issued new unregistered warrants to purchase up to an aggregate of 1,011,004 shares of common stock at an exercise price of $4.35 per share in a private placement, which are immediately exercisable upon issuance. New warrants to purchase up to 571,318 shares of common stock have a term of five years, and new warrants to purchase up to 439,686 shares of common stock have a term of eighteen months.\nThe new warrants offered have not been registered under the Securities Act of 1933, as amended, or under applicable state securities laws. Accordingly, the new warrants and the shares of common stock issuable upon the exercise of the new warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and such applicable state securities laws.\nIn commenting on the warrant exercise, Joel Fruendt, SenesTech's President and CEO, stated, \"In a simple sense, we believe that the proceeds allow us to continue with our rollout of the Evolve® product line. We believe that this financing will enable us to execute these plans.\"\nThis press release does not constitu...