First Wave to sell 525,625 shares at $7.61 in registered direct offering

First Wave BioPharma has entered into a definitive securities purchase agreement with a certain institutional investor for the purchase and sale of 525,625 shares of the Company’s common stock at a price of $7.61 per share in a registered direct offering. In addition, in a concurrent private placement, the Company will issue to the investors warrants to purchase up to 525,625 shares of common stock. The warrants have an exercise price of $7.48 per share, will be exercisable immediately following the date of issuance and will have a term of five years following the date of issuance. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this 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 and general corporate purposes. The closing of the offering is expected to occur on or about March 6, 2024, subject to the satisfaction of customary closing conditions.