BioXcel Therapeutics Announces $25M Registered Direct Offering

Author: Benzinga Newsdesk | March 25, 2024 07:03am

BioXcel Therapeutics, Inc. (the "Company") (NASDAQ:BTAI), a biopharmaceutical company utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology, today announced that it has entered into a securities purchase agreement with investors in a registered direct offering of 3,054,609 shares (the "Shares") of common stock, par value $0.001 per share ("Common Stock"), and accompanying warrants (the "Accompanying Warrants") to purchase up to 3,054,609 shares of Common Stock at a combined offering price of $2.901 per Share and Accompanying Warrant and pre-funded warrants (the "Pre-Funded Warrants") to purchase up to 5,565,027 shares of Common Stock and Accompanying Warrants to purchase up to 5,565,027 shares of Common Stock at a combined offering price of $2.900 per share underlying each Pre-Funded Warrant and Accompanying Warrant, which equals the offering price per Share and Accompanying Warrant less the $0.001 exercise price per share of the Pre-Funded Warrants, for aggregate gross proceeds to the Company of approximately $25 million (excluding the proceeds, if any, from the exercise of the Pre-Funded Warrants and the Accompanying Warrants). The Pre-Funded Warrants have an exercise price of $0.001 per share of Common Stock and are exercisable at any time after the date of issuance, subject to certain ownership limitations. The Accompanying Warrants have an exercise price of $3.20 per share of Common Stock, are exercisable at any time after the date of issuance, subject to certain ownership limitations, and expire five years from the date of issuance.
 

Posted In: BTAI