Cyclacel Pharmaceuticals Announces $1.3M Registered Direct Offering Of Of 388,200 Shares At A Price Of $3.315 Per Share And Private Placement Offering Of 7,956 Shares Of Common Stock At A Purchase Price Of $3.315 Per Share

Author: Benzinga Newsdesk | December 22, 2023 10:19am

Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC, NASDAQ:CYCCP, ", Cyclacel", or the ", Company", ))))), a biopharmaceutical company developing innovative medicines based on cancer cell biology, announced today that it has entered into a definitive agreement for the purchase and sale of 388,200 shares of the Company's common stock (or pre-funded warrants in lieu thereof) at a purchase price of $3.315 per share of common stock (or pre-funded warrant in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules. The Company will also issue unregistered warrants to purchase up to 388,200 shares of common stock with an exercise price of $3.19 per share which will be immediately exercisable for a period of seven years following issuance. The closing of the offering is expected to occur on or about December 26, 2023, subject to the satisfaction of customary closing conditions.

 

In a concurrent private placement, the Company will also issue an aggregate of 7,956 shares of common stock at the same purchase price of $3.315 per share and warrants to purchase up to 7,956 shares of common stock with an exercise price of $3.19 per share to members of management.

Ladenburg Thalmann & Co. Inc. is acting as the exclusive placement agent for the offering.

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