Generex (GNBT) to Raise $12,250,000 in Registered Direct Offering At $0.80 Per Share
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Generex Biotechnology Corporation (Nasdaq: GNBT) announced that it has received commitments from investors to purchase $12,250,000 of securities in a registered direct offering.
Generex expects to receive net proceeds of approximately $11,660,000 after deducting placement agent fees and other offering expenses. Generex has entered into securities purchase agreements with the investors pursuant to which Generex has agreed to sell an aggregate of 15,312,500 shares of its common stock and warrants to purchase up to 5,053,125 additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase one-third of a share of common stock, will be sold for a purchase price of $0.80.
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