First Wave BioPharma raises $4.0M in private placement of common stock and warrants

On March 12, 2023, First Wave BioPharma, Inc., a Delaware corporation (the "Company"), entered into a Securities Purchase Agreement (the "Purchase Agreement") with a single institutional investor (the "Purchaser"), pursuant to which the Company agreed to issue, in a private placement (the "Offering"), an aggregate of (i) 128,000 shares (the "Shares") of the Company's common stock, par value $0.0001 per share (the "Common Stock"), (ii) pre-funded warrants (the "Pre-Funded Warrants") to purchase up to an aggregate of 895,018 shares (the "Pre-Funded Warrant Shares") and (iii) common warrants (the "Common Warrants" and collectively with the Pre-Funded Warrants, the "Warrants"), to purchase up to an aggregate of 2,046,036 shares of Common Stock (the "Common Warrant Shares" and collectively with the Pre-Funded Warrant Shares, the "Warrant Shares") at a purchase price of $3.91 per Share (or Pre-Funded Warrant in lieu thereof) and accompanying Common Warrant.

In connection with the Offering, on March 12, 2023, the Company and the Purchaser entered into a Registration Rights Agreement (the "Registration Rights Agreement") pursuant to which the Company is required to file a registration statement with the Securities and Exchange Commission (the "SEC") to register for resale the Shares and the Warrant Shares.