Lixte Biotechnology Holdings, Inc. Announces Pricing of $5,700,000 Public Offering; Uplisting to Nasdaq Capital Market and Re...
November 25 2020 - 8:30AM
Lixte Biotechnology Holdings, Inc. (NASDAQ: LIXT)(“Lixte” or the
“Company”), today announced the pricing of its underwritten public
offering of 1,200,000 units of securities at an offering price of
$4.75 per unit. Each unit is immediately separable into one share
of common stock and one warrant to purchase one share of common
stock and will be issued separately. The warrants underlying the
units are immediately exercisable for one share of common stock at
an exercise price of $5.70 and expire 5 years from the
date of issuance.
The Company's common stock and warrants will
begin trading on the Nasdaq Capital Market on November 25,
2020, under the symbols "LIXT" and "LIXTW," respectively. In
connection with the offering, the Company effectuated a reverse
split of its issued and outstanding common stock at a ratio of
1-for-6. The reverse stock split became effective at 4:00 p.m.,
Eastern Time, on Thursday, November 19, 2020. The share numbers and
pricing information in this release are adjusted to reflect the
impact of the reverse stock split.
The Company has granted the underwriters a
45-day option to purchase up to 180,000 additional shares of the
Company's common stock and/or up to 180,000 additional warrants to
purchase shares of the Company's common stock, or any combination
thereof, to cover overallotments, if any. The offering is expected
to close on or about November 30, 2020, subject to customary
closing conditions.
The Company expects to receive gross proceeds
of $5.7 million, before deducting underwriting discounts and
commissions and other estimated offering expenses and before any
exercise of the underwriters’ overallotment option. The Company
intends to use the net proceeds to fund its planned clinical
trials, manufacturing its product candidate, maintain and extend
its patent portfolio, retention of contract research organizations,
development of a form of its primary compound, LB-100 for oral
administration, and for working capital and other general corporate
purposes.
WestPark Capital, Inc. and WallachBeth Capital,
LLC are acting as the joint book-running managers for the
offering.
This offering is being made pursuant to an
effective registration statement on Form S-1 (No. 333-248588)
previously filed with the U.S. Securities and Exchange Commission
(the "SEC") and declared effective by the SEC on November 24,
2020. A final prospectus describing the terms of the proposed
offering will be filed with the SEC and may be obtained, when
available, via the SEC's website at www.sec.gov or from:
WestPark Capital, Inc. - Attention: Jason Stern, 1900 Avenue of the
Stars, 3rd Floor, Los Angeles, CA 90077 or by Email:
syndicate@wpcapital.com or by telephone at (310) 203-2919.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of that state or jurisdiction.
About Lixte Biotechnology Holdings, Inc.
Lixte Biotechnology Holdings, Inc. is a drug
discovery company that uses biomarker technology to identify enzyme
targets associated with serious common diseases and then designs
novel compounds to attack those targets. Their product pipeline is
primarily focused on inhibitors of protein phosphatases, used alone
and in combination with cytotoxic agents and/or x-ray and immune
checkpoint blockers, and encompasses two major categories of
compounds at various stages of pre-clinical and clinical
development that they believe have broad therapeutic potential not
only for cancer but also for other debilitating and
life-threatening diseases. Additional information about Lixte
Biotechnology Holdings, Inc. is available at
www.lixte.com.
Forward-Looking Statements
This announcement contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Exchange
Act of 1934. For example, statements regarding the Company's
financial position, business strategy and other plans and
objectives for future operations, and assumptions and predictions
about future product demand, supply, manufacturing, costs,
marketing and pricing factors are all forward-looking statements.
These statements are generally accompanied by words such as
"intend," anticipate," "believe," "estimate," "potential(ly),"
"continue," "forecast," "predict," "plan," "may," "will," "could,"
"would," "should," "expect" or the negative of such terms or other
comparable terminology. The Company believes that the assumptions
and expectations reflected in such forward-looking statements are
reasonable, based on information available to it on the date
hereof, but the Company cannot provide assurances that these
assumptions and expectations will prove to have been correct or
that the Company will take any action that the Company may
presently be planning. However, these forward-looking statements
are inherently subject to known and unknown risks and
uncertainties. Actual results or experience may differ materially
from those expected or anticipated in the forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, regulatory policies,
available cash, research results, competition from other similar
businesses, and market and general economic factors. This
discussion should be read in conjunction with the Company's filings
with the United States Securities and Exchange Commission
at http://www.sec.gov/edgar.shtml.
Lixte Contact: eforman@lixte.com (631)
830-7092
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