Scinai Immunotherapeutics announces $2.61M private placement

Scinai Immunotherapeutics (SCNI) announced that it has entered into a securities purchase agreement with an institutional life sciences investor, as well as with new and existing institutional and accredited investors, for the purchase and sale of 5,208,333 American Depositary Shares, each representing 4,000 ordinary shares, at a purchase price of 48c per ADS, as well as a Series A warrant to purchase up to 5,208,333 ADSs at an exercise price of 48c per ADS, exercisable immediately with a term of two years, and a Series B warrant to purchase up to 5,208,333 ADSs at an exercise price of 55c per ADS, exercisable immediately with a term of five years. In addition, the company entered into a warrant inducement agreement with an existing institutional investor of the company for the immediate exercise of warrants to purchase up to 229,310 ADSs of its ordinary shares at an exercise price of 48c per ADS. The aggregate gross proceeds from the private placement and the warrant inducement transaction are approximately $2.61M, before deducting fees and expenses, and the closing of the transactions is expected to occur on or about April 27, subject to satisfaction of customary closing conditions. A.G.P./Alliance Global Partners acted as the sole financial advisor for the transactions.