Elutia to sell 5.52M Class A shares at $2.50 in registered direct offering

Elutia (ELUT) announced it has entered into a definitive agreement with investors for the purchase and sale of 5.52M shares of the company’s Class A common stock at a purchase price of $2.50 per share and 480,000 prefunded warrants to purchase up to 480,000 shares of the company’s Class A common stock at a purchase price of $2.499 per prefunded warrant in a registered direct offering. The prefunded warrants are immediately exercisable at an exercise price of $0.001 per each prefunded warrant. The gross proceeds to Elutia from the offering are expected to be approximately $15M, before deducting placement agent fees and other offering expenses payable by Elutia. The offering is expected to close on or about February 4, subject to customary closing conditions. Lake Street Capital Markets is acting as the exclusive placement agent for the offering. Elutia intends to use the proceeds from the proposed offering for working capital and other general corporate purposes.