Transaction Information
Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) announced the closing of an underwritten public offering for gross proceeds of approximately $6.0 million, which includes full exercise of the underwriter's over-allotment option to purchase additional shares and warrants, prior to deducting underwriting discounts and commissions and offering expenses.
The offering was comprised of (i) 23,695,697 shares of common stock, (ii) 1,280 shares of Series E Convertible Preferred Stock, (iii) 30,095,697 Class A Warrants with an exercise price of $0.20 per share and a term of one year following the initial exercise date, and (iv) 30,095,697 Class B Warrants with an exercise price of $0.20 per share and a term of five years following the initial exercise date. The price per share of common stock, Class A Warrant and Class B Warrant was $0.20. The price per share of Series E Convertible Preferred Stock, Class A Warrant to purchase 5,000 shares of common stock and Class B Warrant to purchase 5,000 shares of common stock was $1,000.00. The warrants issued in this transaction are fixed priced and do not contain any variable pricing features. The warrants will be exercisable beginning on the effective date of a reverse stock split in an amount sufficient to permit the exercise in full of the warrants, contingent upon stockholder approval of such reverse stock split and of the exercisability of the warrants. The shareholder meetings will be held on or before September 23, 2022.
Ladenburg Thalmann & Co. Inc. acted as sole book-running manager in connection with this offering.
The securities issued at closing include 3,925,525 shares of common stock, Class A Warrants to purchase up to 3,925,525 shares of common stock and additional Class B Warrants to purchase up to 3,925,525 shares of common stock, issued upon the full exercise of the over-allotment option. The securities were offered pursuant to a registration statement on Form S-1 (File No. 333-264641), which was declared effective by the United States Securities and Exchange Commission ("SEC") on July 21, 2022.A final prospectus relating to this offering was filed by Kiora with the SEC on July 25, 2022. Copies of the final prospectus are available on the SEC's website at http://www.sec.gov or can be obtained from Ladenburg Thalmann & Co. Inc., Prospectus Department, 640 Fifth Avenue, 4th Floor, New York, New York 10019 or by email at prospectus@ladenburg.com.
About Kiora Pharmaceuticals, Inc.
Kiora Pharmaceuticals is a clinical-stage biotechnology company developing and commercializing products for the treatment of ophthalmic diseases. For more information visit www.kiorapharma.com.
The information and material presented is provided for informational purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or buy any securities mentioned herein.