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The company announced that it has entered into a securities purchase agreement with its Chief Executive Officer, Snehal Patel, for the purchase and sale of 174,825 shares of its common stock at a purchase price of $14.30 per share in a private placement. The closing of the private placement is expected to occur on or about June 18, 2024, subject to the satisfaction of customary closing conditions.
The gross proceeds to the Company from the offering are expected to be approximately $2.5 million, before deducting offering expenses payable by the Company. Greenwich intends to use the net proceeds from the offering for clinical development and working capital. No investment banking fees are being paid in connection with this offering. Mr. Patel has agreed to a one year lock up agreement with respect to his shares of common stock acquired in the offering.
Posted In: GLSI
