Palisade Bio exercises previously issued warrants fo $2.5M

Palisade Bio announced an agreement between the Company and several accredited investors to exercise certain existing warrants to purchase up to an aggregate of 3,413,286 shares of common stock. The Existing Warrants had initial exercise prices of $35.525, $2.375, and 2.64, respectively, and were issued by the Company on May 10, 2022, January 4, 2023, and April 5, 2023, respectively, with each exercise occurring at a reduced exercise price of $0.7313 per share. The shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to registration statements which were filed and declared effective by the Securities and Exchange Commission. The gross proceeds to the Company from the exercise of the Existing Warrants are expected to be approximately $2.5 million prior to deducting placement agent fees and estimated offering expenses. In consideration for the immediate exercise of the Existing Warrants for cash, the exercising holders will receive new unregistered warrants to purchase shares of common stock in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Replacement Warrants will be exercisable into an aggregate of up to 3,413,286 shares of common stock, at an exercise price of $0.7313 per share, and a term of exercise equal to five years from issuance. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes. Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for the warrant exercise transaction.