Aeroclean technologies, inc. announces $15.0 million private placement

Palm beach gardens, fla., june 27, 2022 (globe newswire) -- aeroclean technologies, inc. (“aeroclean” or the “company”) (nasdaq: aerc), announced today that it has entered into a securities purchase agreement with a single institutional investor for the purchase of 1,500,000 shares of its common stock and warrants to purchase up to an aggregate of 1,500,000 shares of common stock in a private placement. the purchase price for one share of common stock and a warrant to purchase one share of common stock is $10.00. the warrants have an exercise price of $11.00 per share. warrants with respect to 1.26 million shares will become exercisable on the earlier of the effective date of a registration statement related to the transaction or the 90th day following the closing. the remainder of the warrants will become exercisable following shareholder approval of the transaction. the warrants will expire five years from the initial exercise date.
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