Qualigen Therapeutics (QLGN) Announces $4.5M Convertible Preferred Shares Offering

Qualigen Therapeutics, Inc. (NASDAQ: QLGN) ("Qualigen" or the "Company"), Qualigen Therapeutics, Inc., is a life science company focused on developing platform treatments for adult and pediatric cancers, with the potential for orphan drug designations, announced today that it has entered into definitive securities purchase agreements with several institutional and accredited investors (the “Investors”) for the sale of its preferred shares. Qualigen sold an aggregate of 4,500 shares of its Series A-2 Preferred Shares, with a stated value of US$1,000 per share, for aggregate gross proceeds of US$4.5 million, before deducting placement agent fees and other offering expenses. The shares of Series A-2 Preferred Shares are initially convertible into an aggregate of 1,236,263 common shares of the Company at a conversion price of $3.64 per share.

Univest, LLC is acting as the exclusive placement agent for the offering.

The offering is expected to close on or about November 19, 2024, subject to satisfaction of customary closing conditions.

The securities offered in the private placement are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act") and/or Rule 506(b) of Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the "SEC") or an applicable exemption from such registration requirements.

The Company has agreed to file a registration statement with the SEC covering the resale of the common shares underlying the Series A-2 Preferred Shares and Warrants no later than fourteen days following the closing of this transaction.

This press release does 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 other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

You May Also Be Interested In

• Tractor Supply (TSCO) files mixed shelf
• Skyline Builders acquires two Nevada gold and silver properties
• BigBear.ai adds retired Lt. Gen. Sean Gainey to its board