Biopharmaceutical company Rezolute, Inc. (RZLT, Financial) has announced the pricing of an underwritten public offering, aligning with Nasdaq regulations. This includes 20,786,923 shares of its common stock priced at $3.25 per share. Additionally, certain investors have the opportunity to purchase pre-funded warrants for 6,905,385 shares at $3.2490 each, which reflects a minimal $0.001 exercise price per warrant.
The offering aims to generate gross proceeds of approximately $90 million before accounting for underwriting discounts, commissions, and other related expenses. Furthermore, Rezolute has provided underwriters with a 30-day option to acquire an extra 4,153,846 shares at the stated offering price, minus any applicable discounts and commissions.
These securities are part of a broader strategy to bolster Rezolute's financial resources, with the company planning to use the net proceeds primarily for research and development, general corporate expenses, and working capital. The issuance sees engagement from both existing and new investors, such as Federated Hermes Kaufmann Funds, Blackstone Multi-Asset Investing, and others.
The offering is supported by Guggenheim Securities as the sole book-running manager, while BTIG, H.C. Wainwright & Co., and Jones serve as lead managers. Craig-Hallum and Maxim Group are also involved as co-managers, along with WG Partners acting as the financial advisor.
The transaction's completion is anticipated around April 24, pending the fulfillment of standard closing conditions.
