Palatin Technologies raises ~$10M via registered direct offering of common stock and warrants

PALATIN TECHNOLOGIES INC

Sold 1,818,182 shares (including pre-funded warrants for 798,182 shares) plus 1,818,182 common warrants at $5.50/share+ warrant combo.
Gross proceeds ~$10M; net proceeds ~$9.1M after fees and expenses.
Warrants exercisable at $5.83/share, beginning six months from issuance, expiring 5.5 years.
H.C. Wainwright acted as placement agent with 7.0% cash fee and placement agent warrants.
Net proceeds to be used for general corporate purposes.

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

PALATIN TECHNOLOGIES INC entered into Purchase Agreement with a certain institutional investor valued at approximately $9.1 million (effective 2022-10-31).

Action: entry
Agreement: equity purchase
Counterparty: a certain institutional investor
Value: approximately $9.1 million
Effective: 2022-10-31

Exact text from the filing

On October 31, 2022, Palatin Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with a certain institutional investor to sell, in a registered direct offering (the “Offering”), an aggregate of up to (i) 1,020,000 shares of common stock, $0.01 par value per share, of the Company, (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 798,182 shares of the Company’s common stock, and (iii) common warrants (the “Common Warrants”) to purchase up to 1,818,182 shares of the Company’s common stock.

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PALATIN TECHNOLOGIES INC filing history →

Source: SEC EDGAR

accession 0001654954-22-014591

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