On March 28, 2023 TC BioPharm (Holdings) PLC ("TC BioPharm" or the "Company") (NASDAQ: TCBP) a clinical stage biotechnology company developing platform allogeneic gamma-delta T cell therapies for cancer, reported the pricing of a public offering of 3,437,500 of its American Depositary Shares (the "ADSs") (or pre-funded warrants in lieu thereof), together with Series C warrants (the "Series C Warrants") to purchase up to 3,437,500 of its ADSs at a public offering price of $1.60 per ADS (or pre-funded warrant in lieu thereof) and associated Series C Warrant (Press release, TC Biopharm, MAR 28, 2023, View Source [SID1234629465]). The Series C Warrants will have an exercise price of $1.75 per ADS, are exercisable upon issuance and will expire five years following the date of issuance. Each ADS representing one ordinary share of the Company. The closing of the offering is expected to occur on or about March 30, 2023, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
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The gross proceeds to the Company from the offering are expected to be approximately $5.5 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.
A registration statement on Form F-1 (File No. 333-270808) relating to these securities has been filed with the Securities and Exchange Commission, or the SEC, and was declared effective by the SEC on March 27, 2023. The offering will be made only by means of a prospectus, which is part of the effective registration statement. When available, electronic copies of the final prospectus may be obtained for free on the SEC’s website located at View Source and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at [email protected].
The Company also has agreed that certain existing warrants to purchase up to an aggregate of 2,800,000 ADSs of the Company that were previously issued on November 30, 2022, at an exercise price of $5.00 per ADS and expiration dates of May 30, 2025 and May 30, 2028, will be amended effective upon the closing of the offering so that the amended warrants will have a reduced exercise price of $1.75 per ADS.