Universe Pharmaceuticals (UPC) Announces $15 Million Registered Direct Offering

Universe Pharmaceuticals INC (Nasdaq: UPC) (“Universe Pharmaceuticals” or the “Company”), a pharmaceutical producer and distributor in China today announced that it has entered into a definitive agreement with several investors for the purchase and sale of an aggregate of 18,750,000 of the Company’s ordinary share, par value $0.28125 per share (the “Shares”) (or pre-funded warrants in lieu thereof) at a purchase price of $0.80 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share.

The Company also agreed to issue to the same investors warrants (the “Warrants”) to purchase up to 18,750,000 ordinary shares at an exercise price of $0.80 per share. The Warrants will have a 5-year term from the date of issuance.

The aggregate gross proceeds to the Company of this offering are expected to be approximately $15 million. The transaction is expected to close on or about December 10, 2024, subject to the satisfaction of customary closing conditions.

Univest Securities, LLC is acting as the sole placement agent.

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