Rexahn to Raise $10M in Registered Direct Offering
Rexahn Pharmaceuticals, Inc. (NYSE: RNN) today announced it has received commitments from certain institutional investors to purchase an aggregate of $10 million of Rexahn's securities in a registered direct offering. Rexahn expects to receive net proceeds of approximately $9.45 million after deducting placement agent fees and other offering expenses.
Rexahn has entered into a securities purchase agreement with these investors pursuant to which Rexahn has agreed to sell an aggregate of approximately 8.33 million shares of its common stock and warrants exercisable for up to approximately 3.33 million additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase 0.4 of a share of common stock, will be sold for a purchase price of $1.20.
The warrants to purchase additional shares will be exercisable at a price of $1.50 per share beginning six months following issuance and will expire five years from the date on which the warrants are initially exercisable.
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