Biofrontera Inc. achieves two milestones associated with Series B-3 warrants

Biofrontera announced that the Board of Directors has met and certified that two criteria described in warrants to purchase Series B-3 Convertible Preferred Stock issued by the Company on February 22, 2024 have been fulfilled by the Company. The Warrants were issued pursuant to a private placement of securities in February 2024, and the exercise of the Warrants will trigger payments totaling $8 million to the Company. The principal milestone that had to be achieved relating to the Warrants was an increase in revenue, excluding revenue from related parties, of at least 5% from January 1 to April 30, 2024 vs. the same time period in 2023. The Board certified that by the end of April 2024, the Company had achieved greater than 5% year-over-year growth and thus fulfilled this criterion. The second milestone was that the Company successfully implemented a new customer relationship management system with more than 95% adoption over the past two months. The Board also certified achievement of this criterion. Given that the Company also received shareholder approval to increase its authorized capital on April 24, 2024, the Warrants’ expiration date will be five days following the effectiveness of a registration statement of Form S-1, by which the company registers the shares underlying the Series B-3 Convertible Preferred Stock. The Company filed a registration statement to register such shares on May 2, 2024 subject to SEC approval.