CNS Pharma raises ~$2.4M via warrant exercise; issues new inducement warrants for 3.76M shares

CNS Pharmaceuticals, Inc.

Holder exercised Existing Warrants for 1,878,000 shares at reduced exercise price of $1.28 per share.
Company issued Inducement Warrants to purchase up to 3,756,000 shares (200% of exercised shares).
New warrants exercisable from six-month anniversary for five years, with a $1.28 strike price.
Gross proceeds of about $2.4M; net proceeds to be used for general corporate purposes.
Financial advisor A.G.P./Alliance Global Partners received $145,000 fee for the transaction.

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

CNS Pharmaceuticals, Inc. entered into Inducement Letter with a holder of certain existing warrants valued at approximately $2.4 million (effective 2023-10-16).

Action: entry
Agreement: equity purchase
Counterparty: a holder of certain existing warrants
Value: approximately $2.4 million
Effective: 2023-10-16

Exact text from the filing

On October 16, 2023, CNS Pharmaceuticals, Inc. (the “Company”) entered into a warrant exercise inducement offer letter (the “Inducement Letter") with a holder of certain existing warrants (“Holder") to receive new warrants to purchase up to a number of shares of common stock equal to 200% (the “Inducement Warrants") of the number of warrant shares issued pursuant to the exercise of such certain existing warrants to purchase shares of common stock (the “Existing Warrants") pursuant to which the Holder agreed to exercise for cash their Existing Warrants to purchase up to 1,878,000 shares of the Company’s common stock, at a Reduced Exercise Price (as defined below), in exchange for the Company’s agreement to issue the Inducement Warrants to purchase up to 3,756,000 shares of the Company’s common stock (the “Inducement Warrant Shares").

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CNS Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001683168-23-007207

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