Kiora raises $3.12M by reducing Class A warrant exercise price to $4.77, issuing new warrants

KIORA PHARMACEUTICALS INC

Gross proceeds of $3.12 million from immediate cash exercise of 654,609 Class A warrants.
Exercise price of Class A warrants reduced from $8.00 to $4.77 per share.
New Inducement Warrants issued at $5.97 per share, exercisable after 6 months, term 18 months.
Ladenburg Thalmann acted as exclusive placement agent, receiving 8% of gross proceeds.
New warrants and underlying shares are unregistered, issued in a private placement under Section 4(a)(2).

item 1.01 item 3.02 item 3.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KIORA PHARMACEUTICALS INC entered into Inducement Letters with holders of the Prior Warrants (Exercising Holders) valued at approximately $3.12 million (effective 2022-11-17).

Action: entry
Agreement: equity purchase
Counterparty: holders of the Prior Warrants (Exercising Holders)
Value: approximately $3.12 million
Effective: 2022-11-17

Exact text from the filing

On November 17, 2022, the Company entered into warrant exercise inducement offer letters (“Inducement Letters”) with holders of the Prior Warrants (collectively, the “Exercising Holders”) pursuant to which the holders agreed to exercise for cash all of their Class A Warrants to purchase 654,609 shares of the Company’s common stock in exchange for the Company’s agreement to issue new warrants (the “Inducement Warrants”) on substantially the same terms as the Existing Warrants, except as set forth herein, to purchase up to 654,609 shares of the Company’s common stock. The Company expects to receive aggregate gross proceeds of approximately $3.12 million from the exercise of the Existing Warrants by the Exercising Holders and the sale of the Inducement Warrants.

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Source: SEC EDGAR

accession 0001104659-22-120486

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