Agile therapeutics announces closing of $4.85 million registered direct offering
Princeton, n.j., march 14, 2022 (globe newswire) -- agile therapeutics, inc. (nasdaq: agrx) ("agile therapeutics" or the "company"), a women's healthcare company, today announced that it has closed its previously announced registered direct offering with a single healthcare-focused institutional investor to sell 2,425 shares of series a convertible preferred stock and 2,425 shares of series b convertible preferred stock and series a warrants to purchase up to an aggregate of 24,250,000 shares of common stock and series b warrants to purchase up to an aggregate of 24,250,000 shares of common stock. each share of series a and series b preferred stock has a stated value of $1,000 per share and a conversion price of $0.20 per share. the shares of preferred stock issued in the offering are convertible into an aggregate of 24,250,000 shares of common stock. the series a warrants have an exercise price of $0.26 per share, will become exercisable six months following the date of issuance, and will expire 5 years following the initial exercise date. the series b warrants have an exercise price of $0.26 per share, will become exercisable six months following the date of issuance, and will expire one and one-half years following the initial exercise date. total gross proceeds from the offering, before deducting the placement agent's fees and other estimated offering expenses, is $4.85 million.
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