BioXcel Therapeutics prices 5.6M shares at 48c in public offering

BioXcel Therapeutics (BTAI) announced the pricing of an underwritten public offering of 5,600,000 shares of its common stock, par value $0.001 per share and accompanying warrants to purchase up to 5,600,000 shares of Common Stock, and, in lieu thereof to certain investors that so choose, pre-funded warrants to purchase up to 9,000,000 shares of Common Stock and accompanying warrants to purchase up to 9,000,000 shares of Common Stock, at a combined public offering price of $0.48 per share and accompanying warrant. Gross proceeds to the Company from the offering are expected to be approximately $7.0 million, before deducting underwriting discounts and commissions and offering expenses, and excluding the exercise of any of the warrants. Each of the warrants in the offering will be subject to customary beneficial ownership limitations on exercisability, will be exercisable at any time after the date of issuance of such warrant and, in the case of the accompanying warrants, will expire on the fifth anniversary of the date of issuance. Each of the accompanying warrants will have an exercise price of $0.48 per underlying share of Common Stock. Canaccord Genuity is acting as sole book-running manager for the public offering. The offering is expected to close on or about November 25, 2024, subject to customary closing conditions.