Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) today announced the pricing of an underwritten public offering for gross proceeds of approximately $5.5 million prior to deducting underwriting discounts and commissions and offering expenses.
The offering is comprised of (i) 1,447,628 shares of common stock, (ii) 3,908 shares of Series F Convertible Preferred Stock, (iii) 5,000,000 Class C Warrants with an initial exercise price of $1.10 per share and a term of five years following the initial exercise date, and (iv) 5,000,000 Class D Warrants with an initial exercise price of $1.10 per share and a term of one year following the initial exercise date. The price per share of common stock, Class C Warrant and Class D Warrant is $1.10.
The price per share of Series F convertible preferred stock, Class C Warrant to purchase 909 shares of common stock and Class D Warrant to purchase 909 shares of common stock is $999.90. The closing of the offering is expected to take place on or about June 6, subject to the satisfaction or waiver of customary closing conditions.
In addition, the Company has granted the underwriter a 45-day option to purchase up to 750,000 additional shares of common stock, additional Class C Warrants to purchase up to 750,000 shares of common stock and additional Class D Warrants to purchase up to 750,000 shares of common stock, solely to cover over-allotments, if any, at the public offering price per share of common stock.
KPRX shares shed 84 cents, or 49.6%, to 83 cents.
