FLAGSTAFF, Ariz., Nov. 17, 2017 /PRNewswire/ -- SenesTech, Inc.
(NASDAQ: SNES), a developer of proprietary technologies for
managing animal pest populations through fertility control, today
announced that it has priced its underwritten public offering of
5,400,000 shares of common stock and warrants to purchase 4,050,000
shares of common stock at a price of $1.00 per share, including the warrants. The
warrants will have an exercise price of $1.50 per share, are exercisable immediately and
will expire five years from the date of issuance. The gross
proceeds to SenesTech from this offering are expected to be
approximately $5,400,000, before
deducting underwriting discounts, commissions and other estimated
offering expenses. SenesTech has granted the underwriters a 30-day
option to purchase up to an additional 810,000 shares of Common
Stock and warrants to purchase 607,500 shares of common stock to
cover over-allotments, if any. The offering is expected to close on
November 21, 2017, subject to
customary closing conditions.
SenesTech's common stock is listed on The NASDAQ Capital Market
under the symbol "SNES." A registration statement on Form S-1
relating to these securities has been filed with the Securities and
Exchange Commission and became effective on November 16, 2017.
Roth Capital Partners acted as the sole book-runner for the
offering with Craig-Hallum Capital Group acting as co-manager.
Copies of the registration statement and any prospectus or
prospectus supplement related to the offering may be obtained from
Roth Capital Partners, LLC, 888 San Clemente, Newport Beach, CA 92660, (800) 678-9147 or by
accessing the SEC's website, www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be made
only by means of an effective registration statement and
prospectus.
About SenesTech
SenesTech has developed an innovative technology for managing
animal pest populations through fertility control as opposed to a
lethal approach.
ContraPest's novel technology and approach targets the
reproductive capabilities of both sexes in rat populations,
inducing egg loss in female rats and impairing sperm development in
males. Using a proprietary bait delivery method, ContraPest is
dispensed in a highly palatable liquid formulation that promotes
sustained consumption by rat communities. ContraPest is
designed, formulated and dispensed to be low hazard for handlers
and non-target species such as wildlife, livestock and pets, where
the active ingredients break down rapidly, unlike rodenticides. In
contrast, the historical approach to managing rat pest populations,
rodenticides, carries a high risk of environmental contamination
and the poisoning of non-target animals, pets and children.
ContraPest is a Restricted Use product.
SenesTech believes its innovative non-lethal approach, targeting
reproduction, is more humane, less harmful to the environment, and
more effective in providing a sustainable solution to pest
infestations than traditional lethal pest management methods.
SenesTech believes ContraPest® will establish a new
paradigm in rodent control, resulting in improved performance in
rodent control over rodenticides, without the negative
environmental effects of rodenticides. For more information visit
the SenesTech website at www.senestech.com.
Safe Harbor Statement
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
and such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors and other risks
identified in our filings with the Securities and Exchange
Commission. Forward looking statements include, but are not limited
to, our expectation regarding gross proceeds.
CONTACT:
Investor: Robert Blum,
Joe Dorame, Joe Diaz, Lytham Partners, LLC, 602-889-9700,
senestech@lythampartners.com.
Company: Tom Chesterman, Chief
Financial Officer, SenesTech, Inc., 928-779-4143.
Underwriter: Aaron M. Gurewitz,
Managing Director, Head of Capital Markets, Roth Capital Partners,
LLC, 949-720-5703, agurewitz@roth.com.
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SOURCE SenesTech, Inc.