On May 16, 2023 Salarius Pharmaceuticals, Inc. (NASDAQ: SLRX), a clinical-stage biopharmaceutical company using protein inhibition and protein degradation to develop cancer therapies for patients in need of new treatment options, reported that it has closed its previously announced private placement for the issuance and sale of an aggregate of 3,636,364 shares of its common stock (or common stock equivalents in lieu thereof), Series A-1 warrants to purchase up to an aggregate of 3,636,364 shares of common stock and Series A-2 warrants to purchase up to an aggregate of 3,636,364 shares of common stock at a purchase price of $1.65 per share (or common stock equivalent) and accompanying warrants, priced at-the-market under Nasdaq rules (Press release, Salarius Pharmaceuticals, MAY 16, 2023, View Source [SID1234631781]).

H.C. Wainwright & Co. acted as the exclusive placement agent for the private placement.

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The Series A-1 warrants have an exercise price of $1.40 per share, are exercisable immediately upon issuance and have a term of five and one-half years from the date of issuance. The Series A-2 warrants have an exercise price of $1.40 per share, are exercisable immediately upon issuance and have a term of eighteen months from the date of issuance.

The gross proceeds to the Company from the private placement were approximately $6 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company currently intends to use the net proceeds from the private placement for further development of its product candidates and working capital and general corporate purposes.

The securities offered in the private placement and described above were offered in a transaction not involving a public offering under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") and/or Rule 506(b) of Regulation D promulgated thereunder and have not been registered under the Securities Act or applicable state securities laws. Accordingly, the securities in the private placement may not be reoffered or resold in the United States except pursuant to an effective registration statement with the Securities and Exchange Commission (the "SEC") or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
The Company has agreed to file an initial registration statement with the SEC covering the resale of the securities to be issued in the private placement no later than 15 days following the date of the agreement.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, 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.