The Company's common stock and warrants will begin trading on the Nasdaq Capital Market on November 25, 2020, under the symbols "LIXT" and "LIXTW," respectively. In connection with the offering, the Company effectuated a reverse split of its issued and outstanding common stock at a ratio of 1-for-6. The reverse stock split became effective at
The Company has granted the underwriters a 45-day option to purchase up to 180,000 additional shares of the Company's common stock and/or up to 180,000 additional warrants to purchase shares of the Company's common stock, or any combination thereof, to cover overallotments, if any. The offering is expected to close on or about November 30, 2020, subject to customary closing conditions.
The Company expects to receive gross proceeds of $5.7 million, before deducting underwriting discounts and commissions and other estimated offering expenses and before any exercise of the underwriters’ overallotment option. The Company intends to use the net proceeds to fund its planned clinical trials, manufacturing its product candidate, maintain and extend its patent portfolio, retention of contract research organizations, development of a form of its primary compound, LB-100 for oral administration, and for working capital and other general corporate purposes.
This offering is being made pursuant to an effective registration statement on Form S-1 (No. 333-248588) previously filed with the
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, 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 that state or jurisdiction.
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Forward-Looking Statements
This announcement contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. For example, statements regarding the Company's financial position, business strategy and other plans and objectives for future operations, and assumptions and predictions about future product demand, supply, manufacturing, costs, marketing and pricing factors are all forward-looking statements. These statements are generally accompanied by words such as "intend," anticipate," "believe," "estimate," "potential(ly)," "continue," "forecast," "predict," "plan," "may," "will," "could," "would," "should," "expect" or the negative of such terms or other comparable terminology. The Company believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, based on information available to it on the date hereof, but the Company cannot provide assurances that these assumptions and expectations will prove to have been correct or that the Company will take any action that the Company may presently be planning. However, these forward-looking statements are inherently subject to known and unknown risks and uncertainties. Actual results or experience may differ materially from those expected or anticipated in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory policies, available cash, research results, competition from other similar businesses, and market and general economic factors. This discussion should be read in conjunction with the Company's filings with the
Lixte Contact:
eforman@lixte.com
(631) 830-7092
Source:
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