OncoSec to sell about 1.6M shares at $1.25 per share in registered direct offer

OncoSec Medical announced that it has entered into a definitive agreement for the purchase and sale of an aggregate of 1,582,932 shares of its common stock, or common stock equivalents in lieu thereof, at a purchase price of $1.25 per share, or common stock equivalent in lieu thereof, in a registered direct offering priced at-the-market under Nasdaq rules. The company has also agreed to issue in a concurrent private placement unregistered warrants to purchase up to an aggregate of 1,582,932 shares of common stock. The warrants will have an exercise price of $1.12 per share, are immediately exercisable upon issuance, and will expire five and one-half years from the date of issuance. The gross proceeds to the company from the offering are expected to be approximately $2M, 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 as working capital for general corporate purposes. H.C. Wainwright is acting as the exclusive placement agent for the offering.