RenovoRx announces $5M registered direct offering priced at-the-market

RenovoRx announced that it has entered into a definitive securities purchase agreement with a certain institutional investor for the purchase and sale of 1,557,632 shares of the company’s common stock at a purchase price of $3.21 per share of common stock in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about April 3, 2023, subject to the satisfaction of customary closing conditions. In addition, in a concurrent private placement, the company will issue to the investors warrants to purchase up to 1,947,040 shares of common stock. The warrants have an exercise price of $3.21 per share, will be exercisable immediately and will have a term of five and one-half years. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the company from this offering are expected to be approximately $5 M, 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 for working capital and other general corporate purposes.