Longeveron Inc. (NASDAQ: LGVN), a biotechnology company, has initiated a new offering as per its latest SEC filing. The company is offering up to 2,461,538 shares of its Class A Common Stock, along with an equal number of Class A common warrants.
Each share or pre-funded warrant is bundled with a warrant to purchase one additional share of Class A common stock. This package is priced at $3.25, matching the closing price on the Nasdaq Capital Market as of March 28, 2024.
The warrants included in this offering are immediately exercisable upon issuance and will remain valid for a number of years yet to be specified. For purchasers concerned about ownership limits, Longeveron provides an alternative to directly acquiring shares.
Instead, these buyers have the option to purchase pre-funded warrants, exercisable for one share of Class A common stock at a nominal price of $0.001 each.
The offering of pre-funded warrants is designed to prevent ownership from exceeding 4.99% or 9.99% of the outstanding Class A common stock post-transaction, depending on the holder's choice.
The public offering price for each pre-funded warrant and accompanying Class A common warrant is set to be the same as for the share and warrant package, less $0.001. As pre-funded warrants are sold, the number of shares available in the offering will decrease accordingly.
The offering also extends to the shares of Class A common stock that can be acquired upon the exercise of both the Class A common warrants and the pre-funded warrants.
This offering is scheduled to conclude on May 15, 2024, unless Longeveron chooses to terminate it sooner at its discretion. There will be a single closing for all securities purchased.
In a related action, Longeveron amended its Certificate of Incorporation on March 26, 2024, to implement a Reverse Split. All share and per share figures, along with options, warrants, and other derivative securities numbers and their exercise prices in the current prospectus, reflect this Reverse Split.
The company's Annual Report for the year ended December 31, 2023, and subsequent amendments filed with the SEC do not account for the Reverse Split, which took effect after those filings.
Investors are advised that the information for this article is based on a press release statement.
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