Sol-Gel Technologies Ltd. (SLGL) Prices 2.09 Shares w/Warrants at $11

Sol-Gel Technologies, Ltd. (NASDAQ: SLGL) announced the pricing of its underwritten public offering of 2,091,907 ordinary shares together with ordinary share warrants to purchase 1,673,525 ordinary shares. The ordinary shares and accompanying warrants are being sold together at a combined public offering price of $11.00 per ordinary share and accompanying warrant. Each warrant sold in the Offering will be exercisable for 0.80 of an ordinary share, and have an initial exercise price of $14.00 per share, subject to certain adjustments. The warrants will be immediately exercisable and will expire on February 19, 2023. All of the ordinary shares and accompanying warrants are being offered by Sol-Gel.

Gross proceeds to the Company from the Offering, before deducting underwriting discounts and commissions and other offering expenses, and excluding the exercise of any warrants and the proceeds of the Private Placement, are expected to be approximately $23 million. The Offering is expected to close on or about February 19, 2020, subject to customary closing conditions.

The Company intends to use the net proceeds from the Offering to fund pre-commercialization and launch activities for Epsolay® and Twyneo®, research and development activities and the remainder for working capital and other general corporate purposes.

Jefferies LLC and BMO Capital Markets Corp. are acting as joint book-running managers for the Offering. Raymond James & Associates, Inc. is acting as lead manager for the Offering and H.C. Wainwright & Co., LLC is acting as co-manager for the Offering.

You May Also Be Interested In

• Jefferies Assumes L3Harris Technologies (LHX) at Hold
• Aggreko files for NYSE IPO under ticker AGKO
• Raymond James: 'We believe Dycom has added new long-haul customers since the close of the second quarter'