Oncotelic Therapeutics (OTLC) has released an update to notify the public and investors about the unregistered sales of equity securities.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Oncotelic Therapeutics, Inc. completed a financing round on January 29, 2024, issuing 12 units to accredited investors, each comprising a convertible promissory note worth $25,000, and 250,000 warrants with the potential to convert into shares of common stock. This marked the fourth tranche of an initiative started in July 2023, converting $0.5 million of previous debt into new subscription agreements. Placement agent JH Darbie was compensated with $45,000 and additional warrants. The company also entered a Registration Rights Agreement concerning the common stock shares involved in the financing. The securities offered were exempt from registration under the Securities Act of 1933, pursuant to Section 4(a)(2) and Rule 506 of Regulation D.
For further insights into OTLC stock, check out TipRanks’ Stock Analysis page.
For a comprehensive understanding of the announcement, you can read the full document here.
