PHOENIX, March 10,
2025 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES,
"SenesTech" or the "Company"), a pioneer in fertility control
solutions for managing rodent populations, announced today the
entry into definitive agreements for the immediate exercise of
certain outstanding warrants to purchase an aggregate of 374,718
shares of the Company's common stock originally issued by the
Company on August 23, 2024, each
having an original exercise price of $4.35 per share, at a reduced exercise price of
$2.90 per share. In addition, the
Company will issue new short-term warrants, as described below. The
closing of the warrant exercise transaction is expected to occur on
or about March 11, 2025, subject to
Stockholder Approval (as defined herein) and satisfaction of
customary closing conditions.
H.C. Wainwright is acting as the exclusive placement agent for
the transaction.
The aggregate gross proceeds from the exercise of the
existing warrants are expected to be approximately
$1.1 million, before deducting
placement agent fees and other offering expenses payable by the
Company. The potential gross proceeds from the new short-term
warrants, if fully exercised on a cash basis, will be approximately
$4.3 million. No assurance can be
given that any of the new short-term warrants will be exercised.
The Company expects to use the net proceeds from the transaction
for working capital and general corporate purposes.
The resale of the shares of common stock issuable upon the
exercise of the existing warrants has been registered pursuant to
an effective registration statement on Form S-3 (File No.
333-282286).
As consideration for the exercise of such existing warrants for
cash, the Company will issue new unregistered short-term warrants
to purchase up to an aggregate of 1,498,872 shares of common stock
at an exercise price of $2.90 per
share in a private placement, which will be exercisable beginning
on the effective date of stockholder approval of the issuance of
the shares of common stock upon exercise of such warrants (the
"Stockholder Approval") and will expire eighteen months following
the date of the Stockholder Approval.
The new short-term warrants being offered have not been
registered under the Securities Act of 1933, as amended, or under
applicable state securities laws. Accordingly, the new short-term
warrants and the shares of common stock issuable upon the
exercise of the new short-term 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.
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
SenesTech is committed to creating healthier environments by
humanely managing animal pest populations through fertility
control. The company's groundbreaking products, including Evolve™
rodent birth control, integrate seamlessly into pest management
programs, significantly enhancing their effectiveness while
reducing reliance on traditional poisons. SenesTech's mission is to
create cleaner cities, more efficient businesses, and healthier
communities with products that are 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 satisfaction of customary closing conditions, the
intended use of proceeds from the offering, the anticipated closing
of the offering, the exercise of the new short-term warrants prior
to their expiration and the receipt of Stockholder Approval.
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; and
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:
Investor Relations: Robert
Blum, Lytham Partners, LLC, 602-889-9700,
senestech@lythampartners.com
Company: Tom Chesterman,
Chief Financial Officer, SenesTech, Inc., 928-779-4143
View original content to download
multimedia:https://www.prnewswire.com/news-releases/senestech-announces-warrant-exercise-for-1-1-million-in-gross-proceeds-302396516.html
SOURCE SenesTech, Inc.
