Brief: Addex Raises $10.0 Mln In Equity Financing

Addex Therapeutics

17/12/2021 06:06

Dec 17 (Reuters) - ADDEX THERAPEUTICS LTD  ADXN.S :
    * RAISES $10.0 MILLION IN EQUITY FINANCING
    * IT HAS ENTERED INTO A DEFINITIVE AGREEMENT WITH ARMISTICE
CAPITAL LLC, A HEALTHCARE-FOCUSED INSTITUTIONAL INVESTOR,
PURSUANT TO WHICH COMPANY AGREED TO SELL 3,752,202 SHARES IN
FORM OF 625,367 AMERICAN DEPOSITARY SHARES ("ADSS")
    * AT A GROSS PURCHASE PRICE OF $6.50 PER ADS, WHICH IS
EQUIVALENT
TO CHF 1.00 PER SHARE
    * EACH ADS REPRESENTS SIX SHARES.
    * ADDITIONALLY, ADDEX HAS AGREED TO ISSUE TO ARMISTICE
CAPITAL
UNREGISTERED WARRANTS TO PURCHASE UP TO 9,230,772 SHARES IN FORM
OF 1,538,462 ADSS ( "UNREGISTERED WARRANTS")
    * AS WELL AS UNREGISTERED PRE-FUNDED WARRANTS TO PURCHASE UP
TO
5,478,570 SHARES IN FORM OF 913,095 ADSS
    * IN A CONCURRENT PRIVATE PLACEMENT
    * UNREGISTERED WARRANTS HAVE AN EXERCISE PRICE OF $6.50 PER
ADS
    * WILL BECOME EXERCISABLE IN 60 DAYS AFTER THEIR DATE OF
ISSUANCE
AND WILL EXPIRE SIX YEARS FROM THEIR DATE OF ISSUANCE
    * UNREGISTERED PRE-FUNDED WARRANTS HAVE BEEN FUNDED TO
AMOUNT OF
$6.49 WITH $0.01 PAYABLE ON EXERCISE
    * GROSS PROCEEDS TO ADDEX, BEFORE DEDUCTING PLACEMENT AGENT
FEES
AND OTHER OFFERING EXPENSES, WILL BE $10.0 MILLION
    * CLOSING OF OFFERING IS EXPECTED TO OCCUR ON OR ABOUT
DECEMBER
21, 2021, SUBJECT TO SATISFACTION OF CUSTOMARY CLOSING
CONDITIONS
    * INTENDS TO USE NET PROCEEDS FROM THIS OFFERING TO ADVANCE
ITS
CLINICAL AND PRECLINICAL PIPELINE

Source text for Eikon:  ID:nGNE38nWYs 
Further company coverage:  ADXN.S 

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