Acurx to sell 2.46M shares at $1.015 in registered direct offering

Acurx (ACXP) Pharmaceuticals announced that it has entered into a definitive agreement for the purchase and sale of an aggregate of 2,463,058 shares of its common stock at a purchase price of $1.015 per share in a registered direct offering priced at-the-market under Nasdaq rules. In addition, in a concurrent private placement, the company will issue unregistered warrants to purchase up to 2,463,058 shares of common stock. The warrants will have an exercise price of 90c per share, will be exercisable upon issuance and expire five years following the date of issuance. The closing of the offering is expected to occur on or about January 7, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The aggregate gross proceeds to the company from the offering are expected to be approximately $2.5M, before deducting the placement agent fees and other offering expenses payable by the company. The company currently intends to use the net proceeds from the offering for working capital and other general corporate purposes.