Onconetix Announces Exercise Of Warrants For $1.11M Gross Proceeds

Onconetix, Inc. ("Onconetix" or the "Company") (NASDAQ:ONCO), today announced it has entered into definitive agreements for the immediate exercise of certain existing warrants to purchase 7,458,642 shares of its common stock originally issued in August 2022 and August 2023, having exercise prices ranging from $1.09 to $2.546 per share, at a reduced exercise price of $0.15 per share. The transaction is expected to close on or about July 12, 2024, subject to satisfaction of customary closing conditions.

H.C. Wainwright & Co. 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 $1.11 million, before deducting placement agent fees and other offering expenses payable by the Company. The Company expects to use the net proceeds from the transaction for working capital and general corporate purposes.