Moleculin Biotech sells 7.044M shares at 64c in registered direct offering

Moleculin Biotech announced that it has entered into a securities purchase agreement with a single healthcare-focused institutional investor and certain of the company’s executive officers and directors to purchase 7,044,836 shares of common stock in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, the company also agreed to issue unregistered warrants to purchase up to an aggregate of 14,089,672 shares of common stock. The combined effective offering price for each share of common stock and accompanying warrants is 64c for the institutional investor, and 69c for the executive officers and directors. The warrants will have an exercise price of 64c per share, expire five years from the date of stockholder approval and will become exercisable beginning on the effective date of stockholder approval for the shares issuable upon the exercise of the warrants. The gross proceeds to the company from the registered direct offering and concurrent private placement are estimated to be approximately $4.5M before deducting the placement agent’s fees and other estimated offering expenses payable by the company. The offering is expected to close on or about December 26, 2023, subject to the satisfaction of customary closing conditions.