Blue Water Biotech raises ~$2.7M via warrant exercise inducement; issues new warrants for 4.97M shares

Onconetix, Inc.

Holder exercises existing warrants for 2,486,214 shares at reduced price of $1.09/share; gross proceeds ~$2.7M.
Company issues new warrants to purchase up to 4,972,428 shares at $1.09/share, exercisable for 5 years after stockholder approval.
Proceeds used for working capital and launch activities for commercial portfolio; closing expected August 2, 2023.
H.C. Wainwright acts as placement agent; receives 7.5% cash fee plus warrants.
New warrants and shares unregistered; resale registration statement to be filed within 90 days.

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

Onconetix, Inc. entered into Inducement Letter with a certain holder of existing preferred investment options valued at approximately $2,709,973 (effective 2023-07-31).

Action: entry
Agreement: equity purchase
Counterparty: a certain holder of existing preferred investment options
Value: approximately $2,709,973
Effective: 2023-07-31

Exact text from the filing

On July 31, 2023, Blue Water Biotech, Inc., a Delaware corporation (the “Company”), entered into a common stock preferred investment options exercise inducement offer letter (the “Inducement Letter”) with a certain holder (the “Holder”) of existing preferred investment options (“PIOs”) to purchase shares of the Company’s common stock

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246 material agreements filed in the last 30 days. Browse all material agreements →

Onconetix, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-061642

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