Quoin Pharmaceuticals Announces Pricing of $6.8 Million Public Offering
Summary
ASHBURN, Va., Dec. 20, 2024 (GLOBE NEWSWIRE) -- Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (the Company or Quoin), a clinical stage, specialty pharmaceutical company focused on rare and orphan diseases, today announced the pricing of its reasonable best efforts public offering of 15,111,110 ordinary shares represented by 15,111,110 American Depositary Shares (ADSs) (or pre-funded warrants in lieu thereof), Series F warrants to purchase an aggregate of up to 15,111,110 ordinary shares represented by 15,111,110 ADSs and Series G warrants to purchase an aggregate of up to 15,111,110 ordinary shares represented by 15,111,110 ADSs at a combined purchase price of $0.45 per ADS and associated Series F and Series G warrants. The Series F warrants and Series G warrants will have an exercise price of $0.45 per share, will be exercisable immediately following the date of issuance and will expire in two years and five years, respectively, from their issuance.Gross proceeds, before deducting placement agent fees and offering expenses, are expected to be approximately $6.8 million, and includes participation from certain of the Companys executive officers and directors. The Company currently intends to use the net proceeds from the offering for general corporate purposes, which may include operating expenses, research and development, including clinical and pre-clinical testing of its product candidates, working capital, future acquisitions and general capital expenditures.Maxim Group LLC is acting as sole placement agent for the offering.In addition, the Company has entered into privately negotiated agreements with the holders of certain existing outstanding warrants to purchase up to 7,002,500 ADSs (the Prior Warrants) to, among other modifications, reduce the exercise price of such Prior Warrants from $1.60 per ADS to $0.45 per ADS and to extend the current expiration date of the Prior Warrants until December 23, 2029.The securities described above are being offered pursuant to a registration statement on Form S-1, as amended (File No. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as expect, intend, plan, anticipate, believe, look forward to, and will, among others. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.