NanoViricides Inc. (NYSE American: NNVC) announced it has entered into a securities purchase agreement with an institutional investor for a registered direct offering expected to generate approximately $2 million in gross proceeds.

The clinical-stage antiviral drug developer will sell 1,333,334 common shares or pre-funded warrants, along with accompanying warrants to purchase an additional 1,333,334 common shares. Each warrant carries an exercise price of $1.75 per share and expires three years from the issuance date.

D. Boral Capital LLC serves as the exclusive placement agent for the transaction. The offering is structured as a combination of common shares with full warrants, where each warrant allows the holder to purchase one additional common share.

The closing is scheduled for on or about May 18, 2026, pending satisfaction of customary closing conditions. The company expects to receive approximately $2 million in aggregate gross proceeds before deducting placement agent fees and other expenses.

The securities are being offered under an effective shelf registration statement on Form S-3 that the Securities and Exchange Commission declared effective on May 22, 2023. A prospectus supplement detailing the offering terms will be filed with the SEC.

NanoViricides develops broad-spectrum antiviral treatments using what it describes as host-mimetic nanomedicine technology. The company is in clinical-stage development of treatments designed to target viruses and their variants.