Theriva Biologics announces warrant inducement transaction for $4M in proceeds

Theriva Biologics (TOVX) announced its entry into a warrant inducement agreement with existing institutional investors of the Company for the immediate exercise of warrants to purchase up to 7,360,460 of common stock at a reduced exercise price of $0.54 per share for gross cash proceeds of approximately $4M before deducting fees and other transaction expenses. The offer to exercise will remain open until 11:30 AM ET for up to an additional $0.4M in gross proceeds. The Company intends to use the net proceeds from the warrant inducement transaction for working capital and other general corporate purposes. In consideration for the immediate exercise in full of the Existing Warrants, the investors will receive, in a private placement, new unregistered warrants to purchase up to an aggregate of 14,720,920 of common stock shares. The New Warrants will have an exercise price of $0.54 per share and, will be initially exercisable on the date that stockholder approval of the exercise of the New Warrants is obtained and will expire five years following the Approval Date. The closing of the warrant inducement transaction is expected to occur on or about October 17, subject to satisfaction of customary closing conditions. A.G.P./Alliance Global Partners acted as the exclusive financial advisor in connection with the transaction.