Concurrently with the registered direct offering, the Company entered into a definitive agreement with the investor in the registered direct offering for the sale and issuance of 1,190,476 shares of common stock (or pre-funded warrants in lieu thereof) in a private placement priced at-the-market under Nasdaq rules. In addition, the Company has agreed to issue to the investor in the offerings unregistered preferred investment options to purchase up to an aggregate of 1,714,286 shares of the Company's common stock. The preferred investment options have an exercise price of
The gross proceeds to the company from the offerings are expected to be approximately
The shares of common stock, pre-funded warrants and shares of common stock underlying the pre-funded warrants offered by the Company in the registered direct offering (but excluding the securities to be issued in the private placement and the preferred investment options and the shares of common stock underlying the preferred investment options) are being offered pursuant to a 'shelf' registration statement on Form S-3 (File No. 333-234353) initially filed with the
The securities offered pursuant to the private placement, as well as the preferred investment options offered to the investor in the registered directed offering and the shares of common stock issuable thereunder, are being offered in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (the 'Securities Act'), or applicable state securities laws. Accordingly, those securities may not be reoffered or resold in
Under a registration rights agreement with the investor, the Company has agreed to file a registration statement with the
The company also has agreed that certain existing warrants to purchase up to an aggregate of 80,139 shares of common stock of the company that were previously issued to the investor, with an exercise price per share ranging from
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
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Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of the federal securities laws. These statements can be identified by words such as 'believe,' 'anticipate,' 'intend,' 'estimate,' 'will,' 'may,' 'should,' 'expect' and similar expressions, and include statements regarding the satisfaction of the customary conditions to the closing of the registered direct offering and the private placement, the consummation of the offerings and the intended use of proceeds therefrom, the company's expectation regarding the timing for the announcement of topline data and ability to serve the spinal cord injury patient population. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. Factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to: market and other conditions, the company's ability to obtain additional funding to support the ongoing clinical and potential commercialization program for the investigational Neuro-Spinal Scaffold, the varied interpretation of clinical data, the timing, cost and expense of regulatory filings, the potential for regulatory authorities granting or delaying approval for our Neuro-Spinal Scaffold, and other risks associated with the company's business, research, product development, regulatory approval, marketing and distribution plans and strategies identified and described in more detail in the company's Quarterly Report on Form 10-Q for the quarter ended
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