Blue water biotech announces exercise of warrants and issuance of new warrants in a private placement for $2.7 million gross proceeds

Cincinnati, aug. 01, 2023 (globe newswire) -- blue water biotech, inc. ("blue water" or the “company”) (nasdaq: bwv), today announced it has entered into a definitive agreement for the exercise of certain existing warrants to purchase 2,486,214 shares of its common stock at a reduced exercise price of $1.09 per share, in exchange for new warrants as described below. the aggregate gross proceeds from the exercise of the existing warrants is expected to total approximately $2.7 million, before deducting placement agent fees and other offering expenses payable by the company. the transaction is expected to close on or about august 2, 2023, subject to satisfaction of customary closing conditions.
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