Additionally, the company will issue new short-term warrants. The exercise of existing warrants is expected to generate gross proceeds of approximately $1.1 million, before deducting placement agent fees and other offering expenses.
If fully exercised, the new short-term warrants could bring in potential gross proceeds of around $4.3 million. Meanwhile, there is no guarantee that any of the new short-term warrants will be exercised.
The company plans to use the net proceeds from the transaction for working capital and general corporate purposes.
The closing of this transaction is expected on or around March 11, 2025, pending stockholder approval and customary closing conditions.
Notably, in exchange for the cash exercise of existing warrants, the company will issue new unregistered short-term warrants to purchase up to 1.498 million shares of common stock at $2.90 per share in a private placement.
These warrants will be exercisable upon stockholder approval and will expire 18 months after such approval.
The company plans to report fourth-quarter results on Wednesday, March 12, 2025.
As of September 30, cash and cash equivalents stood at $2.5 million.
Price Action: SNES shares are down 18.6% at $2.45 at the last check Monday.
Read Next:
Photo via Shutterstock.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
