First Wave BioPharma (FWBI) Announces 366K Share Offering at $2.95/sh

First Wave BioPharma, Inc., (NASDAQ: FWBI) announced today that it has entered into a definitive securities purchase agreement with a certain institutional investor for the purchase and sale of 366,000 shares of the Company's common stock (or common stock equivalents) at a price of $2.95 per share in a registered direct offering priced at-the-market under Nasdaq rules.

In addition, in a concurrent private placement, the Company will issue to the investor warrants to purchase up to 732,000 shares of common stock. The warrants have an exercise price of $2.70 per share, will be exercisable immediately following the date of issuance and will have a term of six years following the date of issuance.

Roth Capital Partners is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from this offering are expected to be approximately $1.1 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 working capital and general corporate purposes. The closing of the offering is expected to occur on or about May 14, 2024, subject to the satisfaction of customary closing conditions.

The shares in the offering described above are being offered by the Company pursuant to a 'shelf' registration statement on Form S-3 (File No. 256476) previously filed with the Securities and Exchange Commission (the 'SEC') and declared effective by the SEC on June 2, 2021. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement, relating to the offering that will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting Roth Capital Partners, LLC at 888 San Clemente Drive, Newport Beach CA 92660, by phone at (800) 678-9147 or by accessing the SEC’s website, www.sec.gov.

This press release shall not constitute an offer to sell or the 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 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.

You May Also Be Interested In

• ESS Tech closes $3.2M stock offering at $0.50 per share
• ESS Tech launches $3.2M stock offering at $0.50 per share
• Andersen closes secondary offering of 4.9M shares at $44 each