ENGLEWOOD, Colo., Oct. 7, 2021 /PRNewswire/ -- Lightwave Logic,
Inc. (NASDAQ: LWLG), a technology platform company leveraging its
proprietary electro-optic (EO) polymers to transmit data at higher
speeds with less power, has entered into its
5th agreement with Lincoln Park Capital Fund, LLC
("LPC"), a Chicago-based
institutional investor. LPC is a long time investor in Lightwave
Logic, and first invested in Lightwave Logic in 2011. LPC purchased
$3 million of common stock at
closing, which was sold at $9.16/share.
Under the purchase agreement, Lightwave Logic will have the
right, but not the obligation, to sell up to an additional
$30.0 million of its common stock to
Lincoln Park over a 36-month period. Lightwave Logic will
control the timing and amount of any sales to Lincoln Park with no
upper limits to the price Lincoln
Park may pay to purchase such common stock. The purchase
agreement may be terminated by Lightwave Logic at any time, in its
sole discretion, without any additional cost or penalty.
Jim Marcelli, President and Chief
Operating Officer of Lightwave Logic, commented, "While we are
comfortable with our current cash position of approximately
$15 million and burn rate, this
financing provides additional flexibility for us as we move forward
toward commercialization of our products.
"The Lincoln Park facility allows us to source capital in an
opportunistic manner, in addition to our S-3 shelf registration
that provides the potential for additional financing alternatives.
We believe that maintaining this optionality is critical to
financing the company in a way that helps to create value for our
shareholders over the long-term," stated Marcelli.
A description of the purchase agreement is set forth in the
Company's Current Report on Form 8-K, which the Company filed with
the SEC on Tuesday, October 5,
2021.
About Lightwave Logic,
Inc.
Lightwave Logic, Inc. (NASDAQ: LWLG) is developing a platform
leveraging its proprietary engineered electro-optic (EO) polymers
to transmit data at higher speeds with less power. The Company's
high-activity and high-stability organic polymers allow Lightwave
Logic to create next-generation photonic EO devices, which convert
data from electrical signals into optical signals, for applications
in data communications and telecommunications markets. For more
information, please visit the Company's website
at lightwavelogic.com.
Safe Harbor
Statement
The information posted in this release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. You can identify these statements by use of the
words "may," "will," "should," "plans," "explores," "expects,"
"anticipates," "continue," "estimate," "project," "intend," and
similar expressions. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated. These risks and uncertainties
include, but are not limited to, lack of available funding; general
economic and business conditions; competition from third parties;
intellectual property rights of third parties; regulatory
constraints; changes in technology and methods of marketing; delays
in completing various engineering and manufacturing programs;
changes in customer order patterns; changes in product mix; success
in technological advances and delivering technological innovations;
shortages in components; production delays due to performance
quality issues with outsourced components; those events and factors
described by us in Item 1.A "Risk Factors" in our most recent Form
10-K; other risks to which our Company is subject; other factors
beyond the Company's control.
Investor Relations
Contact:
Greg
Falesnik or Luke
Zimmerman
MZ Group - MZ North America
949-385-6449
LWLG@mzgroup.us
www.mzgroup.us
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SOURCE Lightwave Logic, Inc.