PHOENIX, Aug. 23,
2024 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES,
"SenesTech" or the "Company"), the rodent fertility control experts
and inventors of the only EPA registered contraceptive for male and
female rats, announced today the closing of an exercise of certain
existing warrants to purchase 505,502 shares of the Company's
common stock at a reduced exercise price of $4.60 per share. In addition, the Company issued
new warrants, as described below. The aggregate gross proceeds from
the exercise of the existing warrants were approximately
$2.3 million, before deducting
placement agent fees and other offering expenses payable by the
Company.
H.C. Wainwright acted as the exclusive placement agent for the
transaction.
The Company expects to use the net proceeds from the transaction
for working capital and general corporate purposes.
The resale or issuance, as applicable, of the shares of common
stock issued upon the exercise of the existing warrants have been
registered pursuant to effective registration statements.
As consideration for the exercise of such existing warrants for
cash, the Company issued new unregistered warrants to purchase up
to an aggregate of 1,011,004 shares of common stock at an exercise
price of $4.35 per share in a private
placement, which are immediately exercisable upon issuance. New
warrants to purchase up to 571,318 shares of common stock have a
term of five years, and new warrants to purchase up to 439,686
shares of common stock have a term of eighteen months.
The new warrants offered have not been registered under the
Securities Act of 1933, as amended, or under applicable state
securities laws. Accordingly, the new warrants and the shares of
common stock issuable upon the exercise of the new warrants may not
be offered or sold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act of 1933, as amended, and such
applicable state securities laws.
In commenting on the warrant exercise, Joel Fruendt, SenesTech's President and CEO,
stated, "In a simple sense, we believe that the proceeds allow us
to continue with our rollout of the Evolve® product line. We
believe that this financing will enable us to execute these
plans."
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About SenesTech
We are committed to improving the health of the world by
humanely managing animal pest populations through our expertise in
fertility control. We invented ContraPest, the only U.S.
EPA-registered contraceptive for male and female rats, as well as
Evolve and Evolve Mouse, EPA-designated minimum risk contraceptives
for rodents, reflecting our mission to provide products that are
proactive, safe and sustainable. ContraPest and Evolve fit
seamlessly into all integrated pest management programs,
significantly improving the overall goal of effective pest
management. We strive for clean cities, efficient businesses and
happy households – with a product designed to be humane, effective
and sustainable.
For more information visit https://senestech.com/.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of federal securities laws, and we intend that such
forward-looking statements be subject to the safe harbor created
thereby. Such forward-looking statements include, among others, the
following: the intended use of proceeds from the warrant exercise;
our belief that the proceeds of the warrant exercise allow us to
continue with our rollout of the Evolve® product line; and our
belief that this financing will enable us to execute these
plans. Forward-looking statements may describe future
expectations, plans, results, or strategies and are often, but not
always, made through the use of words such as "believe," "may,"
"future," "plan," "will," "should," "expect," "anticipate,"
"eventually," "project," "estimate," "continuing," "intend" and
similar words or phrases. You are cautioned that such statements
are subject to risks, uncertainties and other factors that could
cause actual results to differ materially from those reflected by
such forward-looking statements. Such factors include, among
others, market and other conditions; the successful
commercialization of our products; market acceptance of our
products; our financial performance, including our ability to fund
operations; our ability to maintain compliance with Nasdaq's
continued listing requirements; regulatory approval and regulation
of our products and other factors and risks identified from time to
time in our filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the fiscal year ended
December 31, 2023. All
forward-looking statements contained in this press release speak
only as of the date on which they were made and are based on
management's assumptions and estimates as of such date. Except as
required by law, we do not undertake any obligation to publicly
update any forward-looking statements, whether as a result of the
receipt of new information, the occurrence of future events or
otherwise.
CONTACT:
Investors: Robert Blum,
Lytham Partners, LLC, (602) 889-9700,
senestech@lythampartners.com
Company: Tom Chesterman,
Chief Financial Officer, SenesTech, Inc., (928) 779-4143
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SOURCE SenesTech, Inc.