BrainStorm sells 4.05M shares at $1.85 in registered direct offering

BrainStorm Cell Therapeutics announced that it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale of 4,054,055 shares of the company’s common stock and warrants to purchase up to an aggregate of 4,054,055 shares of common stock in a registered direct offering. Each share of common stock is being offered in the offering together with a warrant to purchase one share of common stock at an offering price of $1.85 per share. The warrants will have an exercise price of $2.00 per share, will be immediately exercisable and will expire five years from the date of issuance. The offering is expected to close on or about July 19. Maxim Groupis acting as the sole placement agent for the offering. The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses payable by the company, are expected to be approximately $7.5M.