Soligenix, Inc. (NASDAQ: NASDAQ:SNGX), a biopharmaceutical company, disclosed plans to raise up to $10 million through the sale of common stock shares and accompanying common warrants. This offer also includes pre-funded warrants as an alternative for certain investors.
The company has set the public offering price at $0.61 per share, which matches the last sale price of its common stock on the Nasdaq Capital Market as of March 27, 2024. The common warrants, which are immediately separable but must be purchased together with the shares, will also have an exercise price of $0.61 per share and are valid for a five-year term.
Soligenix has indicated that the final offering price, to be determined in collaboration with A.G.P./Alliance Global Partners (NYSE:GLP) and the investors, may be lower than the current market price, and therefore, the assumed offering price may not reflect the final price.
The offering includes pre-funded warrants to accommodate investors who would otherwise exceed the 4.99% ownership threshold post-transaction, with an option to increase the threshold to 9.99% at the investor's discretion. These pre-funded warrants have a nominal exercise price of $0.001 per share and are exercisable for one share of common stock. The sale of each pre-funded warrant will correspondingly reduce the number of common stock shares available.
This strategic move aims to secure additional capital for Soligenix, although it is important to note that the details provided in the statement are based on assumptions and subject to change based on the final terms of the offering. The information for this article is derived from the company's recent SEC filing.
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