Benzinga | Nov 30, 2021 04:27PM EST

Qualigen Therapeutics Announces $8.82M Offering

Qualigen Therapeutics, Inc. (NASDAQ:QLGN), a biotechnology company focused on developing novel therapeutic products for the treatment of cancer, as well as maintaining and expanding its flagship FastPack(r) diagnostic platform, today announced that it has entered into definitive agreements with institutional investors for the purchase and sale of 5,880,000 shares of the Company's common stock at a purchase price of $1.50 per share pursuant to a registered direct offering. The closing of the offering is expected to occur on or about December 1, 2021, subject to the satisfaction of customary closing conditions.



A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.

The offering is conditioned upon the Company receiving a waiver from a prior investor of certain rights, inclusive of a 30-day lock-up of common stock by such investor at prices below $3.00 per share and an agreement with such investor to reprice previously issued warrants to purchase up to approximately 5.4 million shares of common stock at a revised exercise price of $2.00 per share and a six-month extension of the warrants' respective termination dates.

This offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-232798) previously filed with the U.S. Securities and Exchange Commission (the "SEC"). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.