Arch Therapeutics (ARTH) has released an update to notify the public and investors about its financial commitment initiation.
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Arch Therapeutics, Inc. received a total of $750,000 from four purchasers as part of a Securities Purchase Agreement. This funding is considered a prepayment for stock purchases under the agreement’s terms. If the deal isn’t finalized by March 31, 2024, the company may issue warrants for additional shares instead of repaying the advance. The amendments to the agreement provide an option for the purchasers to convert their advances to warrants, ensuring they have a stake in the company’s stock if the listing on Nasdaq Capital Market is delayed.
For further insights into ARTH financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.
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