PHOENIX, April 29,
2022 /PRNewswire/ -- Creative Medical Technology
Holdings, Inc. ("Creative Medical Technology" or the "Company")
(NASDAQ: CELZ), a leading commercial stage biotechnology
company focused on a regenerative approach to immunotherapy,
urology, neurology, and orthopedics, today announced that it has
entered into a securities purchase agreement with several
institutional investors to purchase 7,555,556 shares of common
stock (or common stock equivalents) in a private placement priced
at-the-market under Nasdaq rules. The Company will also issue to
the investors unregistered warrants to purchase up to an aggregate
of 15,111,112 shares of common stock. The purchase price for one
share of common stock (or common stock equivalent) and one warrant
to purchase one share of common stock is $2.25. The warrants have an exercise price of
$2.00 per share, will be immediately
exercisable, and will expire five years from issuance. The gross
proceeds from the private placement are expected to be
approximately $17 million. The
offering is expected to close on or about May 3, 2022, subject to satisfaction of customary
closing conditions.
Roth Capital Partners is acting as the exclusive placement agent
for the offering.
Creative Medical Technology intends to use the net proceeds
received from the offering for (i) a clinical study intended to
support the safety and efficacy of its StemSpine® Regenerative Stem
Cell Procedure for Treatment of Degenerative Disc Disease, (ii)
continued development of its ImmCelzTM immunotherapy
platform for the treatment of multiple indications, including
stroke, (iii) marketing of its CaverStem® and FemCelz® programs for
the treatment of male and female sexual dysfunction, (iv) the
development of other products and therapies, including
OvaStemTM for the treatment of premature ovarian failure
and (v) working capital and general corporate purposes using any
remaining amounts.
The offer and sale of the foregoing securities are being made in
a transaction not involving a public offering and have not been
registered under the Securities Act of 1933, as amended (the
"Securities Act"), or applicable state securities laws.
Accordingly, the securities may not be reoffered or resold in
the United States except pursuant
to an effective registration statement or an applicable exemption
from the registration requirements of the Securities Act and such
applicable state securities laws.
Under an agreement with the investors, the Company is required
to file a registration statement with the Securities and Exchange
Commission covering the resale of the shares of the common stock
and the shares of common stock underlying the warrants in the
private placement no later than 15 days after today and to use best
efforts to have the registration statement declared effective as
promptly as practical thereafter, and in any event no later than 30
days following the date of the agreement.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state.
About Creative Medical Technology Holdings
Creative Medical Technology Holdings, Inc. is a commercial stage
biotechnology company specializing in stem cell technology in the
fields of immunotherapy, urology, neurology, and orthopedics. For
further information about the Company, please visit
www.creativemedicaltechnology.com.
Forward-Looking Statements
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming clinical trials and laboratory results,
marketing efforts, funding, etc. Forward-looking statements address
future events and conditions and, therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. See the periodic and
other reports filed by Creative Medical Technology Holdings, Inc.
with the Securities and Exchange Commission and available on the
Commission's website at www.sec.gov.
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SOURCE Creative Medical Technology Holdings, Inc.