Palisade Bio to sell 615,242 shares at $6.5015 in private placement

Palisade Bio has entered into a definitive agreement with an institutional investor for the purchase of 615,242 shares of common stock in a private placement at a purchase price per share of $6.5015, priced at-the-market under Nasdaq rules. The Company expects to receive gross proceeds of approximately $4 million, before deducting placement agent fees and other offering expenses payable by the Company. Ladenburg Thalmann & Co. Inc. is acting as the exclusive placement agent for the offering. The company intends to use the net proceeds from the financing for working capital and general corporate purposes. The company has also agreed to issue to the investor, unregistered warrants to purchase up to 922,863 shares of common stock. These Common Warrants will have a term of seven (7) years and an exercise price of $6.314 per share. The closing of the offering is expected to take place on or about May 6, 2024, subject to the satisfaction of customary closing conditions.