Scorpius Holdings prices 60M units at 10c in underwritten public offering

Scorpius Holdings announced the pricing of its underwritten public offering of 60,000,000 common units and/or pre-funded units in lieu thereof. Each common unit is being offered at a public offering price of $0.10 per unit and consists of one share of common stock and a common warrant to purchase one share of common stock. The common warrants will have an exercise price of $0.12 per share and will be immediately exercisable upon issuance for a period of five years following the date of issuance. The gross proceeds to the Company from the offering are expected to be approximately $6,000,000, before deducting underwriting discounts and offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 9,000,000 shares of common stock and/or up to an additional 9,000,000 common warrants solely to cover over-allotments, if any. All of the shares of common stock and associated common warrants are being offered by the Company. The offering is expected to close on May 16, 2024, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds of the offering to fund working capital, general corporate purposes, and the repayment of a $750,000 non-convertible promissory note, plus accrued and unpaid interest. ThinkEquity is acting as sole book-running manager for the offering.