BrainStorm to sell 11.11M shares at 36c in registered direct offering

BrainStorm Cell Therapeutics announced that it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale of 11,111,111 shares of the company’s common stock at a purchase price of 36c per share in a registered direct offering. In a concurrent private placement, the company has also agreed to issue and sell unregistered warrants to purchase up to an aggregate of 16,666,667 shares of its common stock. The warrants have an exercise price of $0.3912 per share, will be exercisable six months from the date of issuance and will expire five years from the date of issuance. The private placement will be made in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act and/or Regulation D thereunder. In connection with the offering, the company will also reduce the exercise price of 4,054,055 common stock warrants previously issued on July 19, 2023 to and currently held by the Holder to $0.3912 per warrant share and will extend those warrant expiration dates into 2029. The offering is expected to close on or about June 28, 2024, subject to satisfaction of customary closing conditions. Maxim Group is acting as the sole placement agent for the offering.