PHOENIX, Nov. 18,
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 closing of its previously announced public offering
of 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 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 have an exercise price of
$3.165 per share, are exercisable
immediately upon issuance, and will expire thirteen months
following the date of issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The gross proceeds to the Company from the offering were
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 agreed to have 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 be amended effective
upon the closing of the offering. The amended warrants 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 were 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 was made only by means of a prospectus, which is part of
the effective registration statement. 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 intended use of proceeds from
the public offering. 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.