Daré Bioscience raises $7.0M in registered direct offering of 10M shares and warrants

Dare Bioscience, Inc.

Total gross proceeds of $7.0M from sale of 10M shares and warrants at $0.70/unit.
Warrants exercisable after 6 months at $0.77/share for 5.5 years, with 4.99% ownership limitation.
Investors include an institutional investor and an affiliate of the licensor of an early stage product candidate.
Closing expected September 1, 2023; proceeds for general corporate purposes, including clinical trials and R&D.
Offered under existing S-3 shelf registration statement; prospectus supplement to be filed with SEC.

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

Dare Bioscience, Inc. entered into securities purchase agreement with two institutional investors valued at aggregate gross proceeds to Daré from the offering are expected to be $7.0 million (effective 2023-08-29).

Action: entry
Agreement: equity purchase
Counterparty: two institutional investors
Value: aggregate gross proceeds to Daré from the offering are expected to be $7.0 million
Effective: 2023-08-29

Exact text from the filing

On August 29, 2023, Daré Bioscience, Inc. (the “Company” or “Daré”) entered into a securities purchase agreement with two institutional investors relating to the purchase and sale in a registered direct offering of an aggregate of (i) 10,000,000 shares of Daré’s common stock, and (ii) warrants to purchase an aggregate of 10,000,000 shares of Daré’s common stock.

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Dare Bioscience, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-030659

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