PainReform exercises warrants for $1.58M in gross proceeds

PainReform announced the entry into definitive agreements for the immediate exercise of certain outstanding warrants to purchase up to an aggregate of 989,300 ordinary shares of the company originally issued in December 2023 and April 2024, having an exercise price of $4.80 per share, at a reduced exercise price of $1.60 per share. The ordinary shares issuable upon exercise of the warrants are registered pursuant to effective registration statements on Form F-3 (File No. 333-276485) and Form F-1 (File No. 333-277594). The offering is expected to close on or about September 11, 2024, subject to satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. In consideration for the immediate exercise of the warrants for cash, the company will issue new unregistered warrants to purchase up to 1,978,600 ordinary shares. The new warrants will have an exercise price of $1.60 per share, will be exercisable immediately upon issuance and will expire five years from the date of issuance. The gross proceeds to the company from the exercise of the warrants are expected to be approximately $1.58M, prior to deducting placement agent fees and estimated offering expenses. The company intends to use the net proceeds from the offering for general corporate purposes.