The warrants are being sold at the rate of one warrant for every two shares of common stock.
The warrants will have an exercise price of $2.75 per share, are exercisable immediately upon issuance, and will expire five years following the date of issuance.
The underwriters have a 30-day option to purchase up to an additional 15% of shares of common stock and/or warrants to purchase shares.
Concurrently, company will issue to an accredited investor an aggregate of 2,500,088 shares or pre-funded warrants in lieu thereof, and warrants to purchase up to 2,500,088 shares.
The offering price per share and accompanying warrant sold in the private placement is $2.00.
Newbridge Securities Corporation is acting as the sole book-running manager for the public offering and as placement agent for the private placement.
The net proceeds will be used to continue clinical and nonclinical development of lead candidate GT-02287 for the treatment of neurodegenerative diseases including GBA1 Parkinson’s disease and for general corporate purposes.