Longeveron announces $17.5M Class A common stock offering

Longeveron (LGVN) announced the pricing of a public offering of 5.88M of the company’s Class A common stock, together with short-term warrants to purchase up to 14.71M shares of Class A common stock at a combined public offering price of 85c per share of Class A common stock and accompanying short-term warrants. The short-term warrants will have an exercise price of 85c per share and will be immediately exercisable upon issuance for a period of twenty-four months following the date of issuance. Certain board members and insiders of the company are participating in the offering on the same terms and conditions. The offering is expected to close on or about August 11, subject to satisfaction of customary closing conditions. The gross proceeds to the company from the offering, before deducting the placement agent’s fees and other offering expenses payable by the company, are expected to be approximately $5.0M. The potential additional gross proceeds to the company from the short-term warrants, if fully-exercised on a cash basis, will be approximately $12.5M. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.