Palisade bio announces closing of $2.5 million registered direct offering and concurrent private placement priced above market under nasdaq rules

Carlsbad, ca, jan. 04, 2023 (globe newswire) -- palisade bio, inc. (nasdaq: pali), a clinical stage biopharmaceutical company advancing therapies for acute and chronic gastrointestinal (gi) complications, is announcing today that it has closed its previously announced registered direct offering and concurrent private placement with institutional investors for the purchase of 1,052,631 shares of common stock (or certain pre-funded warrants in lieu thereof) at a purchase price per common share of $2.375. certain investors received unregistered pre-funded warrants in the private placement in lieu of common stock, subject to beneficial ownership limitations. the company has also issued to the investors, in the private placement, unregistered warrants to purchase up to 1,052,631 shares of common stock (the “common warrants”). these common warrants have a term of five (5) years and an exercise price of $2.375 per share. accordingly, the company entered into agreements to sell (i) an aggregate of 513,842 shares of registered common stock and pre-funded warrants to purchase common stock, (ii) pre-funded warrants that are not registered to purchase an aggregate of 538,789 shares of common stock, and (iii) 1,052,631 unregistered common warrants.
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