TC BioPharm Announces Exercise Of Warrants For £3.1 Million Gross Proceeds
TC BioPharm (Holdings) plc ("TC BioPharm" or the "Company") (NASDAQ:TCBP), a clinical stage biotechnology company developing platform allogeneic gamma-delta T cell therapies for cancer, today announced the entry into a definitive agreement for the immediate exercise of certain outstanding warrants to purchase up to an aggregate of 1,750,000 of the Company's American Depositary Shares (the "ADSs") originally issued in December 2023 with an exercise price of £1.5814 per ADS and a term of five years. Each ADS represents twenty ordinary shares of the Company. The gross proceeds to the Company from the exercise of the warrants are expected to be approximately £3.1 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 and the payment of £0.099625 (US$0.125) per new warrant, the Company will issue new unregistered warrants to purchase up to 3,500,000 shares of common stock. The new warrants will have an exercise price of £1.175 per ADS, will be immediately exercisable upon issuance and will have a term of forty-two months from the issuance date.
The offering is expected to close on or about May 8, 2024, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds from this offering to support its upcoming clinical trial focusing on relapse/refractory Acute Myeloid Leukemia, and for continuing operating expenses and working capital.