OpGen says holder to exercise existing warrants to buy up to 10.89M shares

OpGen announced that it has entered into an agreement with an institutional investor that is an existing holder of warrants to purchase common shares of the company for cash, wherein the investor agreed to exercise the existing warrants to purchase up to a maximum of 10,892,728 common shares at an exercise price of 77.85c per share. As part of the agreement, the existing holder has agreed to pay an additional 25c consideration per share, resulting in gross proceeds of up to approximately $11.2M, assuming full exercise of the existing warrants and before deducting offering fees and expenses. A.G.P./Alliance Global Partners acted as the exclusive financial advisor in connection with the transaction. In consideration for the exercise of the existing warrants for cash, for each share received upon exercise warrants, the exercising holders will receive new warrants to purchase up to an aggregate of 10,892,728 common shares in a private placement. The offering is expected to close on or about October 16. The new warrants are immediately exercisable upon issuance at an exercise price of 33.6c per common share and will expire on October 16, 2028.