FLAGSTAFF, Ariz., July 16, 2018 /PRNewswire/ -- SenesTech,
Inc. (NASDAQ: SNES) ("SenesTech" or the "Company"), a developer of
proprietary technologies for managing animal pest populations
through fertility control, today announced pricing information for
its previously announced rights offering.
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") by holders of the Company's common
stock, par value $0.001 (the "Common
Stock") and holders of the Company's warrants to purchase Common
Stock that have a contractual right to participate in the offering
(the "Eligible Holders"). The subscription right entitles the
Eligible Holders to purchase one unit at $1.75 per unit. Each unit consists of one share
of Common Stock and one warrant. Each warrant is exercisable to
purchase one share of Common Stock at an exercise price of
$1.75 per share from the date
issuance until its expiration 5 years from the date of
issuance.
The subscription rights are non-transferable and may only be
exercised during the subscription period, which begins on
Wednesday, July 25, 2018 and ends at
5:00 PM ET on Wednesday, August 8,
2018, unless extended by SenesTech.
The calendar for the rights offering remains 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 units
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 securities, nor will there be any sale of the
subscription rights or the underlying securities 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.
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, terms 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
View original content with
multimedia:http://www.prnewswire.com/news-releases/senestech-inc-announces-pricing-information-for-rights-offering-300681140.html
SOURCE SenesTech, Inc.