Arch Therapeutics Announces $2.5 Million Registered Direct Offering
Arch Therapeutics, Inc. (ARTH)
NASDAQ:AMEX Investor Relations:
ir.archtherapeutics.com
Company Research
Source: GlobeNewswire
FRAMINGHAM, Mass., Oct. 17, 2019 (GLOBE NEWSWIRE) -- Arch Therapeutics, Inc. (OTCQB: ARTH) ("Arch" or the "Company"), developer of novel liquid, gel and solid hemostatic and wound care devices, today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase in a registered direct offering of 14,285,714 shares of its common stock and warrants to purchase up to 14,285,714 shares of its common stock, at a combined purchase price of $0.175 per share and related warrant. The offering is expected to close on or about October 18, 2019, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The warrants have an exercise price of $0.22 per share of common stock, will be exercisable immediately upon issuance and will expire five years from the issuance date. The gross proceeds of the offering are expected to be approximately $2.5 milli
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