LakeShore Biopharma raises $15 million in private placement

LakeShore Biopharma Co., Ltd. (NASDAQ: LSB) announced Tuesday it has entered into a share and warrant purchase agreement with an institutional investor for a $15 million private placement financing.

The Beijing-based biopharmaceutical company will issue 16,987,542 ordinary shares at $0.883 per share, along with an equal number of warrants. Each warrant entitles the holder to purchase one ordinary share at $1.079 during a 36-month period.

The private placement is exempt from registration under Regulation S of the Securities Act of 1933. The closing is expected to occur as soon as possible upon agreement by the parties, subject to customary conditions.

LakeShore Biopharma focuses on discovering, developing, manufacturing and delivering vaccines and therapeutic biologics for infectious diseases and cancer. The company's ordinary shares have a par value of $0.0002 per share.

The information is based on a company press release statement.

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