Cyclacel Pharmaceuticals prices registered direct offering at $3.315 per share

Cyclacel Pharmaceuticals announced that it has entered into a definitive agreement for the purchase and sale of 388,200 shares of the Company’s common stock in a registered direct offering priced at-the-market under Nasdaq rules. The Company will also issue unregistered warrants to purchase up to 388,200 shares of common stock with an exercise price of $3.19 per share which will be immediately exercisable for a period of seven years following issuance. The closing of the offering is expected to occur on or about December 26, 2023, subject to the satisfaction of customary closing conditions. In a concurrent private placement, the Company will also issue an aggregate of 7,956 shares of common stock at the same purchase price of $3.315 per share and warrants to purchase up to 7,956 shares of common stock with an exercise price of $3.19 per share to members of management. Ladenburg Thalmann & Co. Inc. is acting as the exclusive placement agent for the offering.