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ZyVersa Therapeutics, Inc. (NASDAQ:ZVSA, "ZyVersa"))), a clinical stage specialty biopharmaceutical company developing first-in-class drugs for treatment of patients with renal and inflammatory diseases who have unmet medical needs, today announced its entry into a warrant inducement agreement with a single institutional investor of the Company. Terms of the warrant inducement agreement include the immediate exercise of Series A-2 Warrants to purchase up to 957,200 shares of common stock (the "Series A-2 Warrants") and Series A-3 Warrants to purchase up to 2,105,265 shares of common stock (the "Series A-3 Warrants," and together with the Series A-2 Warrants, the "Existing Warrants") at a reduced exercise price of $0.67. Gross cash proceeds were approximately $2.0 million before deducting financial advisor fees and other transaction expenses. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes.
In consideration for the immediate exercise in full of the Existing Warrants, the investor will receive new Series A-4 unregistered warrants in a private placement to purchase up to 6,124,930 shares of common stock (the "Series A-4 Warrants" or the "New Warrants"). The New Warrants will have an exercise price of $0.67 and will be initially exercisable on the date that stockholders approve the exercise of the New Warrants. The New Warrants will expire five years from the date of such approval. The closing of the warrant inducement transaction is expected to occur on or about July 9, 2025, subject to satisfaction of customary closing conditions.
A.G.P./Alliance Global Partners acted as the exclusive financial advisor in connection with the transaction.
Posted In: ZVSA
