Palatin Technologies (PTN) said Monday it has signed a warrant exercise inducement agreement with an institutional investor for the exercise of certain warrants Palatin issued totaling about 3.9 million shares, for gross proceeds of roughly $3.4 million.
The investor has agreed to exercise part of its June 2024 warrants to buy nearly 3 million shares and has agreed to exercise its October 2023 warrants to buy 943,396 shares, both sets at an amended exercise price of $0.875 a share, the company said.
Palatin also agreed to issue to the investor unregistered series C warrants to buy about 3.9 million shares and series D warrants to buy nearly 2 million shares. The series C and D warrants each have an exercise price of $0.875 per share, the company said.
The deal is expected to close on or about Tuesday, the company said, adding net proceeds will be for working capital and general corporate purposes.
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