Avenue therapeutics enters into warrant exercise transactions for $5.0 million in proceeds
Miami, jan. 05, 2024 (globe newswire) -- avenue therapeutics, inc. (nasdaq: atxi) (“avenue” or the “company”), a specialty pharmaceutical company focused on the development and commercialization of therapies for the treatment of neurologic diseases, today announced the entry into warrant exercise agreements with existing accredited investors for the immediate exercise of certain outstanding warrants to purchase an aggregate of 16.5 million shares of the company's common stock. these warrants for immediate exercise include: (i) november 2023 series b warrants to purchase an aggregate of 14.6 million shares of common stock issued by avenue on november 2, 2023, each having an exercise price of $0.3006 per share, and (ii) january 2023 warrants to purchase an aggregate of 1.9 million shares of common stock issued by avenue on january 31, 2023, each having an exercise price of $1.55 per share, at a reduced exercise price of $0.3006 per share as agreed upon by the company. the gross proceeds to avenue from the exercise of the warrants are expected to be approximately $5.0 million, prior to deducting placement agent fees and estimated offering expenses. the closing of the warrant exercise transactions is expected to occur on or about january 9, 2024, subject to satisfaction of customary closing conditions.
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