Cellect Biotechnology Announces Exercise of Warrants for Cash Proceeds of Approximately $1.5 Million
May 12 2020 - 8:48AM
Cellect Biotechnology Ltd. (NASDAQ: APOP), a developer of
innovative technology which enables the functional selection of
stem cells, today announced the agreement by several investors to
exercise certain warrants issued in February 2019 to purchase up to
an aggregate of 534,160,000 ordinary shares represented by 534,160
American Depositary Shares (ADSs) having an original exercise price
of $7.50 per ADS, at a reduced exercise price of $2.75 per
ADSs. Simultaneously with entry into these agreements the Company
determined to lower the exercise price of all outstanding warrants
issued in February 2019 with an original exercise price of $7.50 to
$2.75 per share.
The ADSs and the ordinary shares issuable upon
exercise of the warrants are registered pursuant to a registration
statement on Form F-1 (File No. 333-229083), which became effective
by the Securities and Exchange Commission (SEC) on February 7,
2019, as supplemented and amended to date. The gross proceeds to
Cellect from the exercise of the warrants are expected to be
approximately $1.5 million, prior to deducting placement agent fees
and estimated offering expenses.
Cellect intends to use the net proceeds from the
offering for working capital as well as other general corporate
purposes.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy 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 the
registration or qualification under the securities laws of any such
state or jurisdiction.
About Cellect Biotechnology
Ltd.
Cellect Biotechnology (NASDAQ: APOP) has
developed a breakthrough technology, for the selection of stem
cells from any given tissue, that aims to improve a variety of stem
cell-based therapies.
The Company's technology is expected to provide
researchers, clinical community and pharma companies with the tools
to rapidly isolate stem cells in quantity and quality allowing stem
cell-based treatments and procedures in a wide variety of
applications in regenerative medicine. The Company's current
clinical trial is aimed at bone marrow transplantations in cancer
treatment.
Forward-Looking
Statements
This press release contains forward-looking
statements about the Company's expectations, beliefs and
intentions. Forward-looking statements can be identified by the use
of forward-looking words such as "believe", "expect", "intend",
"plan", "may", "should", "could", "might", "seek", "target",
"will", "project", "forecast", "continue" or "anticipate" or their
negatives or variations of these words or other comparable words or
by the fact that these statements do not relate strictly to
historical matters. For example, forward-looking statements are
used in this press release when we discuss Cellect's expectations
regarding use of proceeds. These forward-looking statements and
their implications are based on the current expectations of the
management of the Company only and are subject to a number of
factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
In addition, historical results or conclusions from scientific
research and clinical studies do not guarantee that future results
would suggest similar conclusions or that historical results
referred to herein would be interpreted similarly in light of
additional research or otherwise. The following factors, among
others, could cause actual results to differ materially from those
described in the forward-looking statements: the Company's history
of losses and needs for additional capital to fund its operations
and its inability to obtain additional capital on acceptable terms,
or at all; the Company's ability to continue as a going concern;
uncertainties of cash flows and inability to meet working capital
needs; the Company's ability to obtain regulatory approvals; the
Company's ability to obtain favorable pre-clinical and clinical
trial results; the Company's technology may not be validated and
its methods may not be accepted by the scientific community;
difficulties enrolling patients in the Company's clinical trials;
the ability to timely source adequate supply of FasL; risks
resulting from unforeseen side effects; the Company's ability to
establish and maintain strategic partnerships and other corporate
collaborations; the scope of protection the Company is able to
establish and maintain for intellectual property rights and its
ability to operate its business without infringing the intellectual
property rights of others; competitive companies, technologies and
the Company's industry; unforeseen scientific difficulties may
develop with the Company's technology; the Company's ability to
retain or attract key employees whose knowledge is essential to the
development of its products; and the Company's ability to pursue
any strategic transaction or that any transaction, if pursued, will
be completed. Any forward-looking statement in this press release
speaks only as of the date of this press release. The Company
undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws. More detailed information about the
risks and uncertainties affecting the Company is contained under
the heading "Risk Factors" in Cellect Biotechnology Ltd.'s Annual
Report on Form 20-F for the fiscal year ended December 31,
2019 filed with the U.S. Securities and Exchange Commission,
or SEC, which is available on the SEC's website, www.sec.gov,
and in the Company's periodic filings with the SEC.
Contact
Cellect Biotechnology Ltd. Eyal Leibovitz, Chief Financial
Officer www.cellect.co +972-9-974-1444
Or
EVC Group LLC Michael Polyviou +732-933-2754
mpolyviou@evcgroup.com
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