NEXGEL Announces $2,000,000 Registered Direct Offering
Summary
LANGHORNE, Pa., Nov. 11, 2024 (GLOBE NEWSWIRE) -- NEXGEL, Inc. (NEXGEL or the Company) (NASDAQ: NXGL), a leading provider of medical and over-the-counter (OTC) products including ultra-gentle, high-water-content hydrogels for healthcare and consumer applications, today announced it has entered into definitive agreements for the issuance and sale of an aggregate of 727,272 of its shares of common stock and the issuance of warrants to purchase up to an aggregate of 363,636 shares of common stock for a combined offering purchase price of $2.75 per share of common stock in a registered direct offering. The gross proceeds from the offering are expected to be approximately $2,000,000 before deducting offering expenses.Adam Levy, CEO of NEXGEL, commented, This financing provides an important strengthening of our balance sheet allowing us to increase inventory levels and marketing spend for Silly George. It also allows us to support the rapid growth of our receivables from our new large customer orders and provides us sufficient capital to pursue other acquisition opportunities.Alere Financial Partners, LLC, a division of Cova Capital Partners, LLC acted as the exclusive placement agent for the offering.This offering is being made pursuant to the Companys shelf registration statement on Form S-3 (File No. Electronic copies of the prospectus supplement may be obtained, when available, from Cova Capital Partners LLC, 6851 Jericho Turnpike, Suite 205, Syosset, New York 11791, or by telephone at (866) 772-8081.This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.NEXGEL is a leading provider of healthcare, beauty, and over-the-counter (OTC) products including ultra-gentle, high-water-content hydrogels. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.