Benzinga | Sep 2, 2020 08:31AM EDT

Aditx Therapeutics Prices 2.4M Unit Public Offering At $4/Unit



LOMA LINDA, CA, Sept. 02, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE Aditx Therapeutics, Inc. (Aditxt) (the "Company") (NASDAQ:ADTX), a life sciences company developing biotechnologies specifically focused on improving the health of the immune system through immune monitoring and reprogramming, today announced the pricing of an underwritten public offering of 2,400,000 units at an offering price of $4.00 per unit. Each unit will immediately separate into one share of common stock, one Series A-1 Warrant, and one Series B-1 Warrant. The Series A-1 Warrants permit the holder to purchase one share of common stock at an exercise price of $3.19 per share and expire after 5 years. The Series B-1 Warrants are exercisable at $5.00 per share and expire after 5 years. The Series B-1 Warrants contain an exchange feature that will permit the holder to exchange the warrant into shares of common stock on a one-for-one basis any time commencing the earlier of 10 trading days from the offering or when $10 million of volume is traded in the Company's common stock, if the closing stock price of the Company's common stock on the date of exercise is below the exercise price of the Series B-1 Warrant.

The Company is also offering to those purchasers, if any, whose purchase of common stock in the offering would otherwise result in such purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% of the Company's outstanding common stock immediately following the consummation of the offering, the opportunity, in lieu of purchasing common stock, to purchase non-voting Series A Convertible Preferred Stock ("Preferred Stock"). Each share of Preferred Stock is being sold together with the same warrants described above being sold with each share of common stock. For each share of Preferred Stock purchased in the offering in lieu of common stock, the Company will reduce the number of shares of common stock being sold in the offering on a one-for-one basis.

In addition, Aditxt has granted the underwriters a 45-day option to purchase up to an additional 360,000 shares of common stock and/or Series A-1 Warrants to purchase up to an aggregate of 360,000 shares of common stock and Series B-1 Warrants to purchase up to an aggregate of 360,000 shares of common stock, in any combinations thereof, at the public offering price per security, less the underwriting discounts and commissions, to cover over-allotments, if any.