Trevena to sell 2.78M shares at 70c in private placement

Trevena has entered into definitive agreements for the issuance and sale of 2,779,906 shares of common stock of Trevena and warrants to purchase up to an aggregate of 2,779,906 shares of common stock of Trevena, at a purchase price of $0.70 per share (or pre-funded warrant in lieu thereof) and associated warrant in a private placement, for expected gross proceeds to the Company of approximately $1.946 million. The Company has also entered into a definitive agreement for the immediate exercise for cash of certain existing warrants to purchase up to an aggregate of 2,934,380 shares of common stock issued in July 2022 and November 2022 at a reduced exercise price of $0.70 per share, in exchange for the issuance of unregistered new warrants to purchase up to 5,868,760 shares of common stock, for expected gross proceeds to the Company of approximately $2.054 million. The shares of common stock issuable upon exercise of the existing warrants are registered pursuant to an effective registration statement on Form S-3, filed with the U.S. Securities Exchange on November 27, 2020 and declared effective on December 4, 2020. The warrants to be issued in the offerings will have an exercise price of $0.70 per share, will be exercisable commencing on the effective date of stockholder approval of the issuance of the shares issuable upon exercise of such warrants and will expire five years thereafter. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.The aggregate gross proceeds to the Company from the offerings are expected to be approximately $4 million, before deducting placement agent fees and other offering expenses. The offerings are expected to close on or about December 28, 2023, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offerings for general corporate and working capital purposes. The Company believes that the gross proceeds from the offerings, in addition to other Permitted Financing, as such term is defined in the royalty-based loan agreement with R-Bridge Healthcare Investment Advisory may satisfy the conditions for Trevena to receive a $10.0 million tranche under the Loan Agreement. However, there can be no assurance when Trevena will receive this Tranche.