Palisade Bio (PALI) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 30, 2024, Palisade Bio, Inc. entered into agreements with certain holders of its outstanding common stock purchase warrants, reducing the exercise price to $0.7313 per share and issuing one replacement warrant for each existing one exercised, with the replacement warrants expiring five years from issuance. The holders are exercising all their warrants, totaling 3,422,286 warrants across four issuance dates, resulting in the issuance of an equal number of common shares. The company expects to receive approximately $2.5 million in gross proceeds and has agreed to pay its placement agent a fee and issue them a warrant, as well as file a resale registration statement within a specified timeframe.
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For a comprehensive understanding of the announcement, you can read the full document here.