Qualigen announces $4.5M private placement of Preferred Shares

Qualigen Therapeutics (QLGN) has entered into definitive securities purchase agreements with several institutional and accredited investors for the sale of its preferred shares. Qualigen sold an aggregate of 4,500 shares of its Series A-2 Preferred Shares, with a stated value of US$1,000 per share, for aggregate gross proceeds of US$4.5 million, before deducting placement agent fees and other offering expenses. The shares of Series A-2 Preferred Shares are initially convertible into an aggregate of 1,236,263 common shares of the Company at a conversion price of $3.64 per share. Univest, LLC is acting as the exclusive placement agent for the offering.The offering is expected to close on or about November 19, 2024, subject to satisfaction of customary closing conditions.