Synaptogenix (SNPX) Announces $5.0 Million Financing

Synaptogenix, Inc. (Nasdaq: SNPX) ("Synaptogenix" or the "Company"), an emerging biopharmaceutical company developing therapeutics for neurodegenerative disorders, today announced today announced that it has entered into securities purchase agreements for a $5.0 million financing with existing investors involving the sale of 5,000 shares of its newly issued Series C convertible preferred stock ("preferred stock"), with a stated value of $1,000 per share, convertible into shares of its common stock in a registered public offering (the "Registered Offering") and a concurrent private placement (the "Private Placement" and collectively with the Registered Offering, the "Offering") of additional shares of Preferred Stock and unregistered common stock purchase warrants. The Offering is expected to close on or about September 12, 2024, subject to the satisfaction of customary closing conditions.

"We are pleased to benefit from the support of our committed long-term investors in this financing," said Dr. Alan Tuchman, Chief Executive Officer of Synaptogenix. "This capital enhances our ability to be both strategic and opportunistic as we explore potential acquisitions or fund research on innovative assets, all with the goal of driving growth and maximizing value for our shareholders."

The shares of Series C preferred stock have an initial conversion price of $4.00 per share and accrue a 5.0% quarterly dividend payable in cash. The warrants have an initial exercise price of $4.00 per common share, are exercisable immediately and are exercisable for a term of five years from the date of issuance.

You May Also Be Interested In

• Qualcomm files to resell 17.8M shares tied to Modular acquisition
• Flash Sports & Media Holdings (FLZH) filed for 62.67M share offering by selling stockholders
• Grid Metals gets TSX Venture approval for cesium project joint venture