NexGel Inc (NXGL) has released an update.
NexGel, Inc. has struck a deal with investors, including its CFO and board members, to sell over 231,000 units at $4.22 each, combining common stock and warrants, for a gross of approximately $975k aimed at funding corporate activities. The unique offering, set to close by February 23, 2024, includes an agreement from insider participants to not sell their shares for 180 days. The funding initiative, part of a previously filed “shelf” registration, also compensates the placement agent with cash fees and warrants. This financial move was publicly announced by the company, indicating a strategic step to bolster its working capital and general corporate needs.
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