Business
Tenax Therapeutics Announces CEO Transition and $10 Million PIPE Offering Priced At-the-Market under Nasdaq Rules
– Anthony DiTonno Retires from Tenax; Christopher Giordano Appointed as CEO – MORRISVILLE, N.C.--(BUSINESS WIRE)-- Tenax Therapeutics, Inc. (Nasdaq: TENX), a
About this update from Tenax Therapeutics, Inc.
[{"type":"text","content":"\n– Anthony DiTonno Retires from Tenax; Christopher Giordano Appointed as CEO –\n\n MORRISVILLE, N.C.--(BUSINESS WIRE)--\nTenax Therapeutics, Inc. (Nasdaq: TENX), a specialty pharmaceutical company that address cardiovascular and pulmonary diseases with high unmet medical need, today announced a CEO transition in connection with the retirement of its current CEO:\n\n\nEffective July 13, 2021, Mr. Anthony A. DiTonno will retire as Chief Executive Officer and Director of the Company, following a successful decade of service with the Company.\n\n\nThe Board has appointed Mr. Christopher T. Giordano to serve as Chief Executive Officer and a Director of the Company, effective July 14, 2021. From July 6, 2021 through July 14, 2021, Mr. Giordano will serve as an employee of the Company to assist with the smooth transition of Mr. DiTonno’s duties.\n\n\nThe Company also announced that it has entered into a definitive agreement with a single healthcare-focused institutional investor for the issuance and sale of 4,773,269 Units at a purchase price of $2.095 per Unit. Each Unit consists of one unregistered pre-funded warrant to purchase one share of common stock, par value $0.0001 and one unregistered warrant to purchase one share of common stock. In the aggregate, 9,546,538 shares of the Company’s common stock are underlying the warrants.\n\nThe unregistered pre-funded warrants have an exercise price of $0.0001 per share of common stock, are immediately exercisable, and may be exercised at any time until exercised in full. The unregistered warrants have an exercise price of $1.97 per share of common stock, are immediately exercisable, and will expire five and one-half years from the date of issuance.\n\nThe aggregate gross proceeds to the Company of the offering are expected to be approximately $10 million. The offering is expected to close on or about July 8, 2021, subject to the satisfaction of customary closing conditions.\n\nGerald Proehl, Chairman of the Board of Directors for the Company, said: \"We thank Tony for his dedicated service and many contributions to Tenax and wish him the best in his well-deserved retirement from executive management. While we will miss Tony’s services and involvement in our Company, this transition will not affect Tenax’s focus or direction. We are looking forward to having Chris contribute his extensive...