Acurx to sell 2.745M shares at 40c 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 2.745M shares of its common stock at a purchase price of 40c per share in a registered direct offering. In addition, in a concurrent private placement, the company will issue unregistered short-term warrants to purchase up to 8.235M shares of common stock. The warrants will have an exercise price of 40c per share, will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares of common stock upon exercise of the warrants and will expire twenty-four months following the date of Stockholder Approval. The closing of the offering is expected to occur on or about March 10, 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 $1.1M, 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.