Revelation Biosciences, Inc. announced the entry into a definitive agreement for the immediate exercise of certain outstanding warrants. This transaction is expected to generate approximately $4 million in gross proceeds for the company. The warrants, originally issued on August 22, 2024, allow for the purchase of up to 4,064,040 shares of common stock at an exercise price of $1.00 per share.
In consideration for the immediate cash exercise of these warrants, the participating holders will receive new warrants to purchase additional shares of common stock. These new warrants will be issued in a private placement and will have exercise prices of $1.00 per share. The closing of this offering was expected to occur on or about December 3, 2024.
Roth Capital Partners acted as the company's financial advisor for this transaction. This capital infusion provides Revelation Biosciences with additional resources to support its ongoing clinical development programs, including those for acute kidney injury, post-surgical infection, and chronic kidney disease.
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