Lantern Pharma prices 2.14M shares at $2.06 in registered direct offering

Lantern Pharma (LTRN) entered into a definitive agreement for the purchase and sale of an aggregate of 2,135,923 shares of its common stock at a purchase price of $2.06 per share in a registered direct offering. In addition, in a concurrent private placement, the Company will issue unregistered warrants to purchase up to 2,135,923 shares of common stock. The warrants will have an exercise price of $2.27 per share, will be exercisable six months following the initial issuance date, and will expire five years following the initial exercise date. The closing of the offering is expected to occur on or about May 14, 2026, subject to the satisfaction of customary closing conditions. The Company has also communicated plans to create an independent business entity composed of the AI platform, withZeta.ai, and related technologies and personnel under the leadership of CEO Mr. Panna Sharma. The Company intends to separate its public facing clinically trained AI agent into an independent business entity in order to access dedicated funding sources and potentially realize valuation multiples separate from its drug development operations, which such entity the Company anticipates will become a newly listed company on a national stock exchange or market. The Company plans on hosting a separate investor webinar and meeting to provide additional details in the coming month. Rodman & Renshaw LLC is acting as the exclusive placement agent for the offering.