Creative Medical Technology Holdings, Inc. announced it has entered into definitive securities purchase agreements with certain institutional investors for a registered direct offering. The company will sell 418,552 shares of its common stock at an offering price of $4.42 per share. This offering is priced at-the-market under Nasdaq rules.
In a concurrent private placement, Creative Medical Technology Holdings will also issue warrants to purchase up to an aggregate of 837,104 shares of common stock. These warrants will have an an exercise price of $4.42 per share, matching the offering price of the common stock. The gross proceeds from the sale of the common stock are expected to total approximately $1.85 million.
The net proceeds from this offering are intended for working capital and general corporate purposes. This capital infusion is crucial for a clinical-stage biotechnology company like Creative Medical Technology Holdings, as it supports ongoing research and development efforts and the advancement of its therapeutic pipeline.
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