NEW YORK – Aspira Women's Health said Thursday that it has entered agreements for a $5.5 million direct offering and concurrent private placement.
The company will be selling 1,571,000 shares of common stock in a registered direct offering and warrants to purchase up to 1,571,000 shares of common stock in a private placement. It plans to use the proceeds for general corporate purposes.
Aspira will sell the shares and warrants to a single healthcare-focused institutional investor and to company CEO Nicole Sandford as well as existing shareholders in the company. It will sell to the institutional investor and existing shareholders at a combined price of $3.50 per share and to Sandford at $4.255 per share. The warrants sold to the institutional investor and existing shareholders will have an exercise price of $4.00 per share, and those sold to Sandford will have an exercise price of $4.13 per share. Both sets of warrants will be exercisable beginning six months after issuance and will expire five years from the initial exercise date.
The offering is expected to close on or about Jan. 26.