Kiora Pharmaceuticals (KPRX) Prices $5.2 Million Underwritten Public Offering

Salt Lake City, Utah--(Newsfile Corp. - July 22, 2022) - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX), ("Kiora" or the "Company") today announced the pricing of an underwritten public offering for gross proceeds of approximately $5.2 million prior to deducting underwriting discounts and commissions and offering expenses.

The offering is comprised of (i) 19,770,172 shares of common stock, (ii) 1,280 shares of Series E convertible preferred stock, (iii) 26,170,172 Class A Warrants with an exercise price of $0.20 per share and a term of one year following the initial exercise date, and (iv) 26,170,172 Class B Warrants with an exercise price of $0.20 per share and a term of five years following the initial exercise date. The price per share of common stock, Class A Warrant and Class B Warrant is $0.20. The price per share of series E convertible preferred stock, Class A Warrant to purchase 5,000 shares of common stock and Class B Warrant to purchase 5,000 shares of common stock is $1,000.00. The warrants issued in this transaction are fixed priced and do not contain any variable pricing features. The warrants will be exercisable beginning on the effective date of a reverse stock split in an amount sufficient to permit the exercise in full of the warrants, contingent upon stockholder approval of such reverse stock split and of the exercisability of the warrants. The shareholder meetings will be held on or before September 23, 2022. The closing of the offering is expected to take place on or about July 26, 2022, subject to the satisfaction or waiver of customary closing conditions.

Ladenburg Thalmann & Co. Inc. is acting as sole book-running manager in connection with this offering.

In addition, the Company has granted the underwriter a 45-day option to purchase up to 3,925,525 additional shares of common stock, additional Class A Warrants to purchase up to 3,925,525 shares of common stock and additional Class B Warrants to purchase up to 3,925,525 shares of common stock, solely to cover over-allotments, if any, at the public offering price per share of common stock, Class A Warrant and Class B Warrant, less the underwriting discounts and commissions. The securities were offered pursuant to a registration statement on Form S-1 (File No. 333-264641), which was declared effective by the United States Securities and Exchange Commission ("SEC") on July 21, 2022.

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