Quoin Pharmaceuticals prices $7.0M public offering of ADSs and warrants; amends prior warrants

Quoin Pharmaceuticals, Ltd.

Gross proceeds ~$7.0M from offering of 4.95M ADSs at $1.00/ADS and pre-funded warrants for 2.05M ADSs at $0.9999, each with common warrants.
Existing warrants from Aug 2022 amended: exercise price reduced from $5.00 to $1.10 per ADS, term extended to Feb 24, 2028.
Offering closed Feb 24, 2023; net proceeds for general corporate purposes.
Placement agents: A.G.P./Alliance Global Partners (lead), Maxim Group, Aegis Capital; fees 7% cash plus 1% expense allowance.

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

Quoin Pharmaceuticals, Ltd. entered into Securities Purchase Agreement with certain investors valued at approximately $7 million (effective 2023-02-22).

Action: entry
Agreement: equity purchase
Counterparty: certain investors
Value: approximately $7 million
Effective: 2023-02-22

Exact text from the filing

On February 22, 2023, Quoin Pharmaceuticals Ltd. (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain investors (the “Investors”), pursuant to which the Company agreed to sell, issue, and deliver, in a registered public offering (the “Offering”) of 24,750,000,000 ordinary shares represented by 4,950,000 American Depositary Shares (“ADSs”) at a purchase price of $1.00 per ADS

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Quoin Pharmaceuticals, Ltd. filing history →

Source: SEC EDGAR

accession 0001104659-23-026247

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