Specialty cancer diagnostics company Precipio, Inc. (NASDAQ:PRPO), today announced it has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 4,125,000 shares of the Company’s common stock and pre-funded warrants to purchase 319,445 shares of the Company’s common stock in a registered direct offering and warrants to purchase up to 8,888,890 shares of common stock at a combined purchase price of $0.45 in a concurrent private placement (together with the registered direct offering, the “offering”). The pre-funded warrants will have a nominal exercise price of $0.001 per share and will be immediately exercisable and of indefinite term. The common warrants issued pursuant to the concurrent private placement will have an exercise price of $0.63 per share, will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date.
The closing of the offering is expected to occur on or about June 12, 2023, subject to the satisfaction of customary closing conditions. The net proceeds from the offering are expected to be approximately $2 million, excluding any proceeds that may be received upon the cash exercise of the warrants, after deducting the financial advisor’s fees and estimated offering expenses payable by the Company. The Company intends to use the net proceeds of this offering for working capital and general corporate purposes.
A.G.P./Alliance Global Partners is acting as the financial advisor for the offering.
