Femasys to sell 3.197M shares at $1.22 in registered direct offering

Femasys announced that it has entered into a definitive agreement for the issuance and sale of an aggregate of 3,196,722 of its shares of common stock at a purchase price of $1.22 per share in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, Femasys has also agreed to issue and sell unregistered warrants to purchase up to an aggregate of 3,196,722 shares of common stock. The offering is expected to close on or about April 20, 2023, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The warrants will have an exercise price $1.095 per share, will become exercisable immediately upon issuance and have a term of five and one-half years from the date of issuance. The gross proceeds to the Company from the offering are expected to be approximately $3.9M, before deducting the placement agent’s fees and other offering expenses payable by Femasys. Femasys currently intends to use the net proceeds from the offering for working capital and general corporate purposes.