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Trevena Inc. ("Trevena" or the "Company") (NASDAQ:TRVN), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system (CNS) disorders, today announced that it has entered into definitive agreements for the issuance and sale of 2,779,906 shares of common stock (or pre-funded warrants in lieu thereof) of Trevena and warrants to purchase up to an aggregate of 2,779,906 shares of common stock of Trevena, at a purchase price of $0.70 per share (or pre-funded warrant in lieu thereof) and associated warrant in a private placement, for expected gross proceeds to the Company of approximately $1.946 million (the "private placement").
The Company has also entered into a definitive agreement for the immediate exercise for cash of certain existing warrants to purchase up to an aggregate of 2,934,380 shares of common stock issued in July 2022 and November 2022 at a reduced exercise price of $0.70 per share, in exchange for the issuance of unregistered new warrants to purchase up to 5,868,760 shares of common stock, for expected gross proceeds to the Company of approximately $2.054 million (the "induced warrant exercise" and, collectively with the private placement, the "offerings"). The shares of common stock issuable upon exercise of the existing warrants are registered pursuant to an effective registration statement on Form S-3 (File No. 333-251006), filed with the U.S. Securities Exchange ("SEC") on November 27, 2020 and declared effective on December 4, 2020.
The warrants to be issued in the offerings will have an exercise price of $0.70 per share, will be exercisable commencing on the effective date of stockholder approval of the issuance of the shares issuable upon exercise of such warrants and will expire five years thereafter.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.
Posted In: TRVN
