Indaptus Therapeutics ( NASDAQ: INDP ) shares fell around 3% premarket on Wednesday after the biotechnology company announced a securities offering to raise $3M in gross proceeds. Net proceeds from the offering will be used to fund R&D activities and for working capital and general corporate purposes. Indaptus ( INDP ) entered into securities purchase agreements with investors, including an officer of Indaptus, for sale of 1,643,837 of its shares of common stock.
The company is also selling unregistered warrants to purchase up to 1,643,837 of its shares in a concurrent private placement. The combined effective purchase price for each share and associated warrants is $1.825.
The warrants will have an exercise price of $1.70 per share, will be immediately exercisable upon issuance and have a term of five years from the date of issuance. The offering is expected to close around August 8, 2024, subject to the satisfaction of customary closing conditions.
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