Transaction Information
Palisade Bio, Inc. (Nasdaq: PALI) announced the closing of its previously announced underwritten public offering for gross proceeds of approximately $13.8 million, prior to deducting underwriting discounts and commissions and offering expenses, including full exercise of the underwriter's over-allotment option to purchase additional common stock shares and warrants.
The offering was comprised of (i) 49,360,000 shares of common stock, (ii) 1,460 shares of Series B convertible preferred stock, (iii) 55,200,000 Series 1 Warrants with an exercise price of $0.25 per share and a term of one year following the issuance date, and (iv) 55,200,000 Series 2 Warrants with an exercise price of $0.25 per share and a term of five years following the issuance date. The price per share of common stock, Series 1 Warrant and Series 2 Warrant is $0.25. The price per share of Series B convertible preferred stock, Series 1 Warrant to purchase 4,000 shares of common stock and Series 2 Warrant to purchase 4,000 shares of common stock is $1,000.00. The warrants will be exercisable beginning on the date of stockholder approval of the exercisability of the warrants under Nasdaq rules.
Ladenburg Thalmann & Co. Inc. acted as sole book-running manager in connection with this offering.
The securities issued at closing include 7,200,000 shares of common stock, Series 1 Warrants to purchase up to 7,200,000 shares of common stock and Series 2 Warrants to purchase up to 7,200,000 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. 333-265769), which was declared effective by the United States Securities and Exchange Commission ("SEC") on August 11, 2022 and an additional registration statement on Form S-1 filed pursuant to Rule 462(b), which was filed on August 11, 2022 and became effective upon filing. A final prospectus relating to this offering was filed by the company with the SEC. Copies of the final prospectus can be obtained at 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 Palisade Bio, Inc.
Palisade Bio is a late-stage biopharmaceutical company focused on developing therapeutics that protect the integrity of the intestinal barrier. The Company utilizes over three decades of research and established science that links the role of intestinal barrier biology and human disease to develop novel therapeutics that target and improve the integrity of the intestinal barrier. For more information visit www.palisadebio.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.