First Wave BioPharma sells 1.02M shares at $3.91 per share

First Wave BioPharma announced that it has entered into a definitive agreement with a certain institutional investor for the issuance and sale of 1,023,018 shares of common stock and warrants to purchase up to 2,046,036 shares of common stock at an offering price of $3.91 per share and accompanying warrant, in a private placement priced at-the-market under Nasdaq rules. The warrants are exercisable immediately upon issuance, have a term of five years and an exercise price of $3.66 per share. The private placement is expected to close on or about March 15, 2023, subject to the satisfaction of customary closing conditions. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds from the offering are expected to be approximately $4.0 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital purposes.