Hoth Therapeutics announces $2M registered direct offering

Hoth Therapeutics (HOTH) announced that it has entered into a definitive agreement for the purchase and sale of an aggregate of 2.86M shares of its common stock at an offering price of 70c per share of common stock, in a registered direct offering. Additionally, in a concurrent private placement, the company issued and sold unregistered warrants to purchase up to an aggregate of 2.86M shares of common stock at an exercise price of 85c per share. The unregistered warrants will become exercisable six months following the date of issuance and will expire five and one-half years following the date of issuance. The closing of the offering is expected to occur on or about April 2, subject to the satisfaction of customary closing conditions. The aggregate gross proceeds to the company from the offering are expected to be approximately $2M, before deducting the placement agent’s fees and other offering expenses payable by the company. The potential additional gross proceeds to the company from the unregistered warrants, if fully exercised on a cash basis, will be approximately $2.4M. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.