On February 1, 2024-Panbela Therapeutics, Inc. (Nasdaq: PBLA), a clinical stage company developing disruptive therapeutics for the treatment of patients with urgent unmet medical needs, reported the closing of its previously announced public offering of (i) 4,375,000 shares of its common stock or pre-funded warrants in lieu thereof and (ii) two classes of warrants to purchase up to an aggregate of 8,750,000 shares of its common stock (the "Public Warrants") at a purchase price of $2.06 per share and associated Public Warrants and $2.059 per pre-funded warrant and associated Public Warrants (Press release, Panbela Therapeutics, FEB 1, 2024, View Source [SID1234639786]). The prefunded warrants have an exercise price of $0.001 per share. The Public Warrants have an exercise price of $2.06 per share, are exercisable upon issuance, and will expire five years following the date of issuance. The Public Warrants do not have any alternative cashless exercise or other provisions to adjust their exercise price beyond customary proportionate adjustments for recapitalizations and similar events.
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Roth Capital Partners acted as sole placement agent of the offering.
Gross proceeds, before deducting placement agent fees and commissions and offering expenses, were approximately $9.0 million. The Company intends to use the net proceeds from the proposed offering for the continued clinical development of its product candidates, working capital, business development and other general corporate purposes, which may include repayment of debt.
The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-276367), as amended, that was declared effective by the U.S. Securities and Exchange Commission ("SEC"), on January 26, 2024. The offering was made solely by means of a prospectus. Copies of the accompanying prospectus relating to and describing the terms of the offering may be obtained at the SEC’s website at www.sec.gov or by contacting Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660 or by email at [email protected].