On December 23, 2020 CNS Pharmaceuticals, Inc. (NASDAQ: CNSP) ("CNS" or the "Company"), a biopharmaceutical company specializing in the development of novel treatments for primary and metastatic cancers of the brain and central nervous system, reported the pricing of an underwritten public offering of 5,000,000 shares of common stock and warrants to purchase up to 2,500,000 shares of common stock (Press release, CNS Pharmaceuticals, DEC 23, 2020, View Source [SID1234573234]). The shares of common stock and warrants are being sold together at a combined public offering price of $2.00 per share and warrant. The warrants will have an exercise price of $2.20 per share, will be immediately exercisable and will expire five years from the date of issuance. The Company has granted the underwriter a 45-day option to purchase up to an additional 750,000 shares of common stock and/or 375,000 warrants to cover over-allotments, if any.
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The Company intends to use the net proceeds from this offering for its Phase 2 trial for Berubicin, other research and development, and for working capital. The offering is expected to close on or about December 28, 2020, subject to customary closing conditions.
A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.
This offering is being made pursuant to an effective registration statement on Form S-1 (No. 333-251530) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective on December 22, 2020. The offering is being made only by means of a prospectus. A final prospectus relating to the proposed offering will be filed and made available on the SEC’s website. A copy of the final prospectus relating to the offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022 or via telephone at 212-624-2060 or email: [email protected]. Before investing in this offering, interested parties should read the prospectus.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.