PHOENIX, Nov. 16,
2022 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES,
"SenesTech" or the "Company") (www.senestech.com) the rodent
fertility control experts and inventors of the only EPA registered
contraceptive for male and female rats, ContraPest®, today
announced the pricing of a public offering of up to 1,428,572
shares of its common stock (or pre-funded warrants in lieu
thereof), Series A warrants to purchase up to 1,428,572 shares of
its common stock ("Series A Warrants"), and Series B warrants to
purchase up to 1,428,572 shares of its common stock ("Series B
Warrants", together with Series A Warrants, collectively the
"Series Warrants"), at an offering price to the public of
$3.50 per share (or pre-funded
warrant in lieu thereof) and associated Series Warrants. The Series
A Warrants will have an exercise price of $3.165 per share, are exercisable immediately
upon issuance, and will expire five years following the date of
issuance. The Series B Warrants will have an exercise price of
$3.165 per share, are exercisable
immediately upon issuance, and will expire thirteen months
following the date of issuance. The closing of the offering is
expected to occur on or about November 18,
2022, subject to the satisfaction of customary closing
conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The gross proceeds to the Company from the offering are expected
to be approximately $5 million,
before deducting the placement agent's fees and other offering
expenses payable by the Company. The Company intends to use the net
proceeds from this offering for general corporate purposes.
The Company also has agreed that certain existing warrants to
purchase up to an aggregate of (i) 27,430 shares of common stock at
an exercise price of $44.32 and an
expiration date of July 29, 2026 and
(ii) 85,034 shares of common stock at an exercise price of
$34.50 and an expiration date of
April 27, 2026 will be amended
effective upon the closing of the offering so that the amended
warrants will have a reduced exercise price of $3.165 per share and will expire five years
following the closing of the offering.
The securities described above are being offered pursuant to a
registration statement on Form S-1 (File No. 333-267991) originally
filed with the Securities and Exchange Commission ("SEC") on
October 24, 2022 and became effective
on November 16, 2022. The public
offering is being made only by means of a prospectus, which forms a
part of the effective registration statement. When available,
electronic copies of the final prospectus may be obtained for free
on the SEC's website located at http://www.sec.gov and may also be
obtained by contacting H.C. Wainwright & Co., LLC at 430 Park
Avenue, 3rd Floor, New York, NY
10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other 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 other
jurisdiction.
About SenesTech
We are "The Pest Control Difference" for the 21st century. We
are rodent fertility control specialists fueled by our passion to
create a healthy environment by virtually eliminating rodent pest
populations. We keep an inescapable truth in mind. Two rats and
their descendants can be responsible for the birth of up to 15,000
rat pups after a year. We invented ContraPest, the only U.S. EPA
registered contraceptive for male and female rats. ContraPest fits
seamlessly into all integrated pest management programs, greatly
improving the overall goal of effective rat management. We strive
for clean cities, efficient businesses and happy households – with
a product that was designed to be effective and sustainable without
killing rats. At SenesTech, we don't just eliminate rats. We make a
better world.
For more information visit https://senestech.com/ and
https://contrapeststore.com.
Safe Harbor Statement
This press release may contain certain statements relating to
future results which are forward-looking statements. These
forward-looking statements are subject to risks and uncertainties
including, among other things, the completion of the public
offering, the satisfaction of customary closing conditions related
to the public offering and the intended use of proceeds therefrom.
It is possible that the Company's actual results and financial
condition may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking
statements, depending on factors including risks and uncertainties
related to market and other conditions; whether the contemplated
offering will be successful and whether the Company will be able to
regain and maintain compliance with Nasdaq's continued listing
criteria; the size of the potential markets for the Company's
product candidates and its ability to service those markets; and
the Company's current and future capital requirements and its
ability to raise additional funds to satisfy its capital needs.
Additional information concerning the Company and its business,
including a discussion of factors that could materially affect the
Company's financial results are contained in the Company's Annual
Report on Form 10-K for the year ended December 31, 2021 under the heading "Risk
Factors," as well as the Company's subsequent filings with the SEC.
All forward-looking statements included in this press release are
made only as of the date of this press release, and we do not
undertake any obligation to publicly update or correct any
forward-looking statements to reflect events or circumstances that
subsequently occur or of which we hereafter become aware, 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.