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Tenax Therapeutics expects USD10m from underwritten offering of 5,181,346 units.

M2 PHARMA-December 10, 2018-Tenax Therapeutics expects USD10m from underwritten offering of 5,181,346 units

(C)2018 M2 COMMUNICATIONS

Pharmaceutical company Tenax Therapeutics, Inc. (Nasdaq:TENX) said on Friday that it has priced its underwritten offering of 5,181,346 units at an offering price of USD1.93 per unit.

The company added that each unit consist of one share of Series A convertible preferred stock with a conversion price of USD1.93, a two-year warrant to purchase one common stock with an exercise price of USD1.93 per share as well as a five-year warrant to purchase one common stock with an exercise price of $1.93 per share.

Prior to deducting underwriting discounts and commissions and offering expenses, the company expects for gross proceeds of approximately USD10m from the underwritten offering

Under the transaction, the Series A convertible preferred stock includes a beneficial ownership limitation on conversion, with certain customary exceptions. The Series A convertible preferred stock has full ratchet price based anti-dilution protection. The exercise price of the warrants is fixed and the warrants do not contain any variable pricing features or any price-based anti-dilutive features. The units are immediately separable and will be issued separately.

Net proceeds from this offering may be used by the company to further its clinical trials and efforts to obtain regulatory approval of levosimendan, research and development, general corporate purposes, working capital as well as potential acquisitions.

Ladenburg Thalmann & Co Inc acted as sole book-running manager in connection with the offering. The offering is expected to close on or about 11 December 2018, subject to the satisfaction or waiver of customary closing conditions.

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Publication:M2 Pharma
Date:Dec 10, 2018
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