PHOENIX, Feb. 2, 2021 /PRNewswire/ -- SenesTech, Inc.
(NASDAQ: SNES), a developer of proprietary, next generation
technologies for managing animal pest populations through fertility
control, today announced the closing of its previously announced
private placement of 4,388,854 shares of common stock (or common
stock equivalents in lieu thereof) and warrants to purchase up to
an aggregate of 2,194,427 shares of common stock, at a purchase
price of $2.2785 per share of common
stock (or common stock equivalent in lieu thereof) and associated
warrant in a private placement priced at-the-market under Nasdaq
rules and resulted in gross proceeds of approximately $10 million before the deduction of placement
agent fees and expenses and estimated offering expenses payable by
the Company.
H.C. Wainwright & Co., LLC acted as the exclusive placement
agent for the offering.
The warrants have an exercise price of $2.216 per share, are exercisable immediately and
have a term of five and one-half years.
The Company intends to use the net proceeds for general
corporate purposes.
The offer and sale of the foregoing securities were 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 an initial registration statement with the Securities and
Exchange Commission covering the resale of the shares of common
stock to be issued to the investors.
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 SenesTech
SenesTech is changing the model for pest management by targeting
one of the root causes of the problem: reproduction.
ContraPest® is an innovative technology with an approach that
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.
We believe ContraPest® will establish a new paradigm in rodent
control, resulting in a decreased reliance on lethal options. For
more information visit the SenesTech website at
www.senestech.com.
Safe Harbor Statement
The foregoing paragraphs contain forward-looking statements that
involve estimates, assumptions, risks and uncertainties. Any
statements about our expectations, beliefs, plans, objectives,
assumptions or future events or performance are not historical
facts and may be forward-looking. "Forward-looking statements" may
be preceded by words such as "may," "future," "plan" or "planned,"
"will," "should," "expected," "anticipates," "continue,"
"eventually," "believes," or "projected." Forward-looking
statements include statements concerning the anticipated use of the
proceeds of the private placement and the Company's
commercialization of its technology.
Investors should not unduly rely on forward-looking statements.
Such statements are subject to a multitude of risks and
uncertainties that could cause future circumstances, events, or
results to differ materially from those made in the forward-looking
statements, including as a result of various factors and other
risks, such as market conditions, satisfaction of closing
conditions, and other factors identified in the Company's filings
with the Securities and Exchange Commission, including its annual
report on Form 10-K and quarterly reports filed on Form 10-Q. All
forward-looking statements speak only as of the date on which they
were made based on management's assumptions as of such date. The
Company does not undertake any obligation to update any
forward-looking statements, whether as a result of the receipt of
new information, the occurrence of future events or otherwise,
except as required by law.
CONTACT:
Investors: 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.