Tenax Therapeutics prices 1.6M shares at $5.65 in public offering

Tenax Therapeutics announced the pricing of a public offering of 1,600,000 shares of its common stock and warrants to purchase up to 3,200,000 shares of its common stock at a purchase price of $5.65 per share and associated Common Warrant. The Common Warrants will have an exercise price of $5.65 per share, are immediately exercisable, and will expire five years after their initial exercise date. The offering is expected to close on or about February 12, 2024, subject to customary closing conditions. Roth Capital Partners is acting as the exclusive placement agent in the offering. Gross proceeds, before deducting placement agent fees and commissions and offering expenses are expected to be approximately $9,040,000 million. The Company intends to use the net proceeds from the offering to advance the initiation of sites and the enrollment and treatment of patients in its LEVEL trial, a Phase 3 trial of oral levosimendan, as well as for working capital, capital expenditures, and other general corporate purposes.