GRI Bio (GRI) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On February 1, 2024, GRI Bio, Inc. agreed to issue and sell securities in a public offering, involving over 330,000 shares of common stock, nearly 4.7 million pre-funded warrants, and 10 million series B common warrants, with a combination purchase price of $1.10. The offering is set to close on February 6, 2024, under a prospectus connected to the company’s registration statement. Concurrently, the company appointed A.G.P./Alliance Global Partners as the exclusive placement agent, agreeing to pay them 7% of the gross proceeds plus expense reimbursements, and entered into Lock-Up Agreements with its executives and directors, restricting the sale of company securities for 90 days post-offering.
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For a comprehensive understanding of the announcement, you can read the full document here.