Phio Pharmaceuticals Corp. announced on January 14, 2025, that it has entered into definitive agreements for a registered direct offering. The company will sell an aggregate of 1,063,670 shares of its common stock at a purchase price of $3.00 per share, expecting to generate approximately $3.19 million in gross proceeds.
In a concurrent private placement, Phio will issue short-term unregistered warrants to purchase up to 2,127,340 shares of common stock. These warrants will have an exercise price of $3.00 per share, be exercisable upon issuance, and expire twenty-four months following the date of issuance. The closing of the offering is expected to occur on or about January 15, 2025.
The net proceeds from this financing are intended for working capital and other general corporate purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering, which is priced at-the-market under Nasdaq rules.
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