Silo Pharma, Inc. announced it has entered into definitive agreements for the purchase and sale of 2,857,143 shares of common stock at a purchase price of $0.875 per share. This registered direct offering was priced at-the-market under Nasdaq rules.
In a concurrent private placement, the company will issue unregistered warrants to purchase up to 2,857,143 shares of common stock at an exercise price of $0.75 per share. These warrants will be immediately exercisable upon issuance and will expire five years from the effective date of a registration statement registering for resale the underlying shares.
The gross proceeds to the company from the offering are expected to be approximately $2.5 million, before deducting placement agent fees and other offering expenses. The net proceeds are intended for working capital and general corporate purposes, with the closing of the offering expected on or about October 1, 2025.
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