FLAGSTAFF, Ariz., July 10, 2018 /PRNewswire/ -- SenesTech,
Inc. (NASDAQ: SNES) ("SenesTech" or the "Company"), a developer of
proprietary technologies for managing animal pest populations
through fertility control, today provided an informational update
to stockholders regarding its rights offering and the key dates and
terms relative to the offering. Certain holders as of the
Record Date of the Company's warrants sold to investors in
November 2017 and June 2018 are also eligible to participate in the
rights offering on the same terms as the stockholders (together
with all stockholders of record as of the Record Date, the
"Eligible Holders"). Eligible Holders or interested parties are
advised to direct all questions and informational requests to Maxim
Group LLC as the dealer-manager, using the contact information
listed below.
Under the proposed rights offering, SenesTech will distribute
one non-transferable subscription right for each share of common
stock held or deemed to be held on July 24,
2018 (the "Record Date"). The subscription rights are
non-transferable and may only be exercised during the anticipated
subscription period of Wednesday, July 25,
2018 through 5:00 PM ET on Wednesday,
August 8, 2018, unless extended by SenesTech. Further terms
will be announced prior to the start of the subscription
period.
The expected calendar for the rights offering is as follows:
- Friday, July 20, 2018: Ownership
Day — date of new share acquisition in order to be considered a
stockholder of record on Tuesday, July 24,
2018.
- Tuesday, July 24, 2018: Record
Date
- Wednesday, July 25, 2018:
Distribution Date; Subscription Period Begins
- August 8, 2018: Subscription
Period Ends at 5:00 PM ET (unless
extended at SenesTech's sole discretion)
Eligible Holders who exercise their subscription rights in full
will be entitled, if available, to subscribe for additional shares
of Common Stock that remain available after the exercise of
subscription rights of all other Eligible Holders, on a pro rata
basis and subject to ownership limitations as described in the
Prospectus.
SenesTech has engaged Maxim Group LLC as dealer-manager in the
offering. Questions about the rights offering or requests for
copies of the preliminary and final prospectuses, when available,
may be directed to Maxim Group LLC at 405 Lexington Avenue,
New York, NY 10174, Attention
Syndicate Department, or via email at syndicate@maximgrp.com or
telephone at (212) 895-3745.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may offers
to buy be accepted prior to the time the registration statement
becomes effective.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the subscription rights or the
underlying Common Stock, nor will there be any sale of the
subscription rights or the underlying Common Stock in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
The rights offering, which is expected to commence following the
effectiveness of the registration statement, is being made only by
means of a written prospectus. A preliminary prospectus relating to
and describing the proposed terms of the rights offering has been
filed with the SEC as a part of the registration statement and is
available on the SEC's website
at https://www.sec.gov/Archives/edgar/data/1680378/000161577418005460/s110887_s1.htm
.
About SenesTech
SenesTech has developed and is in the process of
commercializing a proprietary technology for managing animal pest
populations, primarily rat populations, through fertility control.
For more information visit the SenesTech website
at www.senestech.com.
Safe Harbor Statements
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 projected 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 expectations regarding the timing and completion of the
rights offering. All forward-looking statements contained in this
press release speak only as of the date on which they were made and
are based on management's assumptions and estimates as of such
date. We do not undertake any obligation to publicly update any
forward-looking statements, whether as a result of the receipt of
new information, the occurrence of future events or otherwise.
CONTACT:
Investor Relations: 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
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SOURCE SenesTech, Inc.