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Biodexa Pharmaceuticals | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement ·  May 22 09:24
Summary by Moomoo AI
On May 22, 2024, Biodexa Pharmaceuticals PLC, a clinical stage biopharmaceutical company, announced the successful inducement of warrant exercises with accredited holders of the company's Series E and Series F warrants. The agreement resulted in the exercise price of each warrant being reduced to $1.50 per share, and the issuance of replacement warrants, Series G and Series H, which are immediately exercisable and will expire in five and one year(s) respectively. The transaction led to the exercise of 4,358,322 existing warrants, and the company anticipates gross proceeds of approximately $6.5 million before fees and expenses. The proceeds are expected to cover the first year of the eRapa Phase 3 trial obligations and unlock additional non-dilutive funding. The closing of this transaction is expected...Show More
On May 22, 2024, Biodexa Pharmaceuticals PLC, a clinical stage biopharmaceutical company, announced the successful inducement of warrant exercises with accredited holders of the company's Series E and Series F warrants. The agreement resulted in the exercise price of each warrant being reduced to $1.50 per share, and the issuance of replacement warrants, Series G and Series H, which are immediately exercisable and will expire in five and one year(s) respectively. The transaction led to the exercise of 4,358,322 existing warrants, and the company anticipates gross proceeds of approximately $6.5 million before fees and expenses. The proceeds are expected to cover the first year of the eRapa Phase 3 trial obligations and unlock additional non-dilutive funding. The closing of this transaction is expected on the same day, subject to customary conditions. Biodexa Pharmaceuticals also agreed to file a resale registration statement for the shares underlying the Replacement Warrants within fifteen days following the agreement. The company has committed to using the net proceeds for advancing clinical stage assets and for general corporate purposes. Following the exercise of the warrants, Biodexa's issued share capital comprises 4,127,615,322 Ordinary Shares, with each American Depositary Share representing 400 Ordinary Shares.

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