Netcapital raises $2.2M by exercising warrants at reduced price; issues new warrants

Netcapital Inc.

Entered inducement letters to exercise 14.32M Series A-2 warrants at $0.155/share; gross proceeds ~$2.2M.
Issued new Series A-3 (5-yr) and Series A-4 (18-mo) warrants for 14.32M shares each at $0.155, subject to shareholder approval.
Placement agent H.C. Wainwright receives 7.5% cash fee plus 1,074,000 placement agent warrants at $0.1938.
Company voluntarily reduces exercise price of all outstanding Series A-2 warrants (16M shares) to $0.155.
Net proceeds used for general corporate purposes; deal closed May 29, 2024.

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