NEW
YORK, March 27, 2024 /PRNewswire/ -- Hoth
Therapeutics, Inc. (NASDAQ: HOTH), a patient focused
biopharmaceutical company, today announced the entry into a
definitive agreement for the immediate exercise of certain
outstanding warrants to purchase up to an aggregate of 2,500,000
shares of common stock of the Company originally issued in
January 2023, having an exercise
price of $5.00 per share, at a
reduced exercise price of $1.6775 per
share. The shares of common stock issuable upon exercise of the
warrants are registered pursuant to an effective registration
statement on Form S-3 (No. 333-269224). The gross proceeds to the
Company from the exercise of the warrants are expected to be
approximately $4.2 million, prior to
deducting placement agent fees and estimated offering expenses.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
In consideration for the immediate exercise of the warrants for
cash, the Company will issue new unregistered warrants to purchase
shares of common stock. The new warrants will be exercisable for an
aggregate of up to 3,750,000 shares of common stock, at an exercise
price of $1.50 per share, will be
immediately exercisable upon issuance and will expire on
July 3, 2028.
The offering is expected to close on or about April 1, 2024, subject to satisfaction of
customary closing conditions. The Company intends to use the net
proceeds from the offering for general working capital needs.
The new warrants described above were offered in a private
placement pursuant to an applicable exemption from the registration
requirements of the Securities Act of 1933, as amended (the "1933
Act") and, along with the shares of common stock issuable upon
their exercise, have not been registered under the 1933 Act, and
may not be offered or sold in the United
States absent registration with the Securities and Exchange
Commission ("SEC") or an applicable exemption from such
registration requirements. The Company has agreed to file a
registration statement with the SEC covering the resale of the
shares of common stock issuable upon exercise of the new
warrants.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Hoth Therapeutics, Inc.
Hoth Therapeutics is a clinical-stage biopharmaceutical company
dedicated to developing innovative, impactful, and ground-breaking
treatments with a goal to improve patient quality of life. We are a
catalyst in early-stage pharmaceutical research and development,
elevating drugs from the bench to pre-clinical and clinical
testing. Utilizing a patient-centric approach, we collaborate and
partner with a team of scientists, clinicians, and key opinion
leaders to seek out and investigate therapeutics that hold immense
potential to create breakthroughs and diversify treatment options.
To learn more, please visit https://ir.hoththerapeutics.com/.
Forward-Looking Statement
This press release includes forward-looking statements based
upon Hoth's current expectations, which may constitute
forward-looking statements for the purposes of the safe harbor
provisions under the Private Securities Litigation Reform Act of
1995 and other federal securities laws, and are subject to
substantial risks, uncertainties, and assumptions. These statements
concern Hoth's business strategies; the timing of regulatory
submissions; the ability to obtain and maintain regulatory approval
of existing product candidates and any other product candidates we
may develop, and the labeling under any approval we may obtain; the
timing and costs of clinical trials, and the timing and costs of
other expenses; market acceptance of our products; the ultimate
impact of the current coronavirus pandemic, or any other health
epidemic, on our business, our clinical trials, our research
programs, healthcare systems, or the global economy as a whole; our
intellectual property; our reliance on third-party organizations;
our competitive position; our industry environment; our anticipated
financial and operating results, including anticipated sources of
revenues; our assumptions regarding the size of the available
market, benefits of our products, product pricing, and timing of
product launches; management's expectation with respect to future
acquisitions; statements regarding our goals, intentions, plans,
and expectations, including the introduction of new products and
markets; and our cash needs and financing plans. There are a number
of factors that could cause actual events to differ materially from
those indicated by such forward-looking statements. You should not
place reliance on these forward-looking statements, which include
words such as "could," "believe," "anticipate," "intend,"
"estimate," "expect," "may," "continue," "predict," "potential,"
"project" or similar terms, variations of such terms, or the
negative of those terms. Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, the Company cannot guarantee such outcomes. Hoth may
not realize its expectations, and its beliefs may not prove
correct. Actual results may differ materially from those indicated
by these forward-looking statements as a result of various
important factors, including, without limitation, market conditions
and the factors described in the section titled "Risk Factors" in
Hoth's most recent Annual Report on Form 10-K and Hoth's other
filings made with the U. S. Securities and Exchange Commission. All
such statements speak only as of the date made. Consequently,
forward-looking statements should be regarded solely as Hoth's
current plans, estimates, and beliefs. Investors should not place
undue reliance on forward-looking statements. Hoth cannot guarantee
future results, events, levels of activity, performance, or
achievements. Hoth does not undertake and specifically declines any
obligation to update, republish, or revise any forward-looking
statements to reflect new information, future events, or
circumstances or to reflect the occurrences of unanticipated
events, except as may be required by applicable law.
Investor Contact:
LR Advisors LLC
Email: investorrelations@hoththerapeutics.com
www.hoththerapeutics.com
Phone: (678) 570-6791
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SOURCE Hoth Therapeutics, Inc.