Dermata raises $2.26M via warrant exercise at reduced price; issues new warrants at $0.6511/share

Dermata Therapeutics, Inc.

$2.26M gross proceeds from immediate cash exercise of 3.47M existing warrants at reduced exercise price of $0.6511/share (was $2.82).
New Series A warrants for up to 3.71M shares (5-year term) and Series B warrants for up to 3.24M shares (28-month term) issued.
Closing expected Nov 20, 2023; stockholder approval required for exercise of new warrants under Nasdaq rules.
H.C. Wainwright placement agent receives 7% cash fee, 1% management fee, and warrants for 243,047 shares at $0.8139.
Net proceeds for general corporate purposes including R&D, clinical trials, and potential acquisitions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Dermata Therapeutics, Inc. entered into Inducement Letter with Holder of Existing Warrants valued at Aggregate gross proceeds of approximately $2.26 million from exercise of Existing Warrants (effective 2023-11-16).

Action: entry
Agreement: equity purchase
Counterparty: Holder of Existing Warrants
Value: Aggregate gross proceeds of approximately $2.26 million from exercise of Existing Warrants
Effective: 2023-11-16

Exact text from the filing

On November 16, 2023, Dermata Therapeutics, Inc. (the “ Company ”) entered into an inducement offer letter agreement (the “ Inducement Letter ”) with a holder (the “ Holder ”) of certain of its existing warrants to purchase up to an aggregate of 3,472,095 shares of the Company’s common stock, par value $0.0001 per share (“ Common Stock ”), issued to the Holder on (i) April 25, 2022 (as amended on March 20, 2023, the “ April 2022 Warrants ”) and (ii) March 20, 2023 (the “ March 2023 Warrants ” and together with the April 2022 Warrants, the “ Existing Warrants ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Dermata Therapeutics, Inc. entered into Engagement Letter with H.C. Wainwright & Co., LLC valued at Cash fee equal to 7.0% of aggregate gross proceeds from Holder's exercise of Existing Warrants, plus (effective 2023-09-30).

Action: entry
Agreement: underwriting
Counterparty: H.C. Wainwright & Co., LLC
Value: Cash fee equal to 7.0% of aggregate gross proceeds from Holder's exercise of Existing Warrants, plus
Effective: 2023-09-30

Exact text from the filing

The Company engaged H.C. Wainwright & Co., LLC (the “ Placement Agent ”) to act as its exclusive placement agent in connection with the transactions summarized above and has agreed to pay the Placement Agent a cash fee equal to 7.0% of the aggregate gross proceeds received from the Holder’s exercise of its Existing Warrants, as well as a management fee equal to 1.0% of the gross proceeds from the exercise of the Existing Warrants, pursuant to that certain engagement letter, by and between the Company and the Placement Agent, dated as of September 30, 2023 (the “ Engagement Letter ”).

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Dermata Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-014542

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