PolarityTE, Inc. Announces Exercise of Warrants for Gross Proceeds of $7.67 Million
January 22 2021 - 8:45AM
Business Wire
PolarityTE, Inc. (Nasdaq: PTE), a company focused on
transforming the lives of patients by discovering, designing, and
developing a range of regenerative tissue products and
biomaterials, today announced the agreement by an accredited
investor to exercise certain warrants to purchase up to an
aggregate of 10,688,043 shares of common stock having an exercise
price of $0.624 issued by the company in December 2020. The shares
of common stock issuable upon exercise of the warrants are
registered pursuant to a registration statement on Form S-3 (File
No. 333-229584). In consideration for the immediate exercise of the
warrants for cash, the company will sell to the exercising holder
an additional warrant pursuant to the registration statement. The
new warrant will be exercisable into an aggregate of up to
8,016,033 shares of common stock at an exercise price of $1.20 per
share and a term of exercise equal to five years. The purchase
price of the additional warrant will be $1,002,004, or $0.125 per
warrant share.
The gross proceeds to the company from the exercise of the
warrants and the sale of the additional warrants are expected to be
$7,671,343, prior to deducting placement agent fees and estimated
offering expenses.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The Company currently intends to use the net proceeds from the
offering for working capital and general corporate purposes.
The securities described above are being offered by PolarityTE
pursuant to a "shelf" registration statement on Form S-3 (File No.
333-229584) previously filed with the U.S. Securities and Exchange
Commission ("SEC") on February 8, 2019 and declared effective by
the SEC on February 22, 2019. Such securities may be offered only
by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A final
prospectus supplement and the accompanying prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC’s website at www.sec.gov. Alternatively, when available,
electronic copies of the final prospectus supplement and the
accompanying prospectus may be obtained from H.C. Wainwright &
Co., LLC, 430 Park Avenue, New York, NY 10022, by email at
placements@hcwco.com or by phone at (646) 975-6996.
This press release shall not constitute an offer to sell or the
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 registration or
qualification under the securities laws of any such state or
jurisdiction.
About PolarityTE®
PolarityTE is focused on transforming the lives of patients by
discovering, designing, and developing a range of regenerative
tissue products and biomaterials for the fields of medicine,
biomedical engineering and material sciences. Rather than
manufacturing with synthetic and foreign materials within
artificially engineered environments, PolarityTE manufactures
products from the patient's own tissue and uses the patient's own
body to support the regenerative process. From a small piece of
healthy autologous tissue, the company creates an easily
deployable, dynamic, and self-propagating product designed to
regenerate the target tissues. PolarityTE's innovative methods are
intended to promote and accelerate growth of the patient's tissues
to undergo a form of effective regenerative healing.
Forward Looking Statements
Certain statements contained in this release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. They are generally
identified by words such as "believes," "may," "expects,"
"anticipates," "intend," "plan," "will," "would," "should" and
similar expressions and include statements about the completion of
the warrant exercise transaction, the satisfaction of customary
closing conditions related to the closing of that transaction and
the intended use of net proceeds from the offering. Readers should
not place undue reliance on such forward-looking statements, which
are based upon the Company's beliefs and assumptions as of the date
of this release. The Company's actual results could differ
materially due to the impact of the COVID-19 pandemic and FDA
regulatory matters, which cannot be predicted, and the risk factors
and other items described in more detail in the "Risk Factors"
section of the Company's Annual Reports and other filings with the
SEC (copies of which may be obtained at www.sec.gov). Subsequent
events and developments may cause these forward-looking statements
to change. The Company specifically disclaims any obligation or
intention to update or revise these forward-looking statements as a
result of changed events or circumstances that occur after the date
of this release, except as required by applicable law. Our actual
results could differ materially due to risk factors and other items
described in more detail in the "Risk Factors" section of the
Company's Annual Reports and other filings with the SEC (copies of
which may be obtained at www.sec.gov).
POLARITYTE, the POLARITYTE logo, SKINTE, WHERE SELF REGENERATES
SELF and WELCOME TO THE SHIFT are trademarks or registered
trademarks of PolarityTE, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20210122005248/en/
Investors: Rich Haerle VP, Investor Relations PolarityTE,
Inc. ir@PolarityTE.com (385) 315-0697
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