Quoin Pharmaceuticals prices 15.1M ADSs at 45c in public offering

Quoin Pharmaceuticals (QNRX) announced the pricing of its “reasonable best efforts” public offering of 15,111,110 ordinary shares represented by 15,111,110 American Depositary Shares, Series F warrants to purchase an aggregate of up to 15,111,110 ordinary shares represented by 15,111,110 ADSs and Series G warrants to purchase an aggregate of up to 15,111,110 ordinary shares represented by 15,111,110 ADSs at a combined purchase price of $0.45 per ADS and associated Series F and Series G warrants. The Series F warrants and Series G warrants will have an exercise price of $0.45 per share, will be exercisable immediately following the date of issuance and will expire in two years and five years, respectively, from their issuance. Gross proceeds, before deducting placement agent fees and offering expenses, are expected to be approximately $6.8less than, and includes participation from certain of the Company’s executive officers and directors. The closing of the offering is expected to occur on or about December 23, 2024, subject to the satisfaction of customary closing conditions. The Company currently intends to use the net proceeds from the offering for general corporate purposes, which may include operating expenses, research and development, including clinical and pre-clinical testing of its product candidates, working capital, future acquisitions and general capital expenditures. Maxim Group is acting as sole placement agent for the offering. In addition, the Company has entered into privately negotiated agreements with the holders of certain existing outstanding warrants to purchase up to 7,002,500 ADSs to, among other modifications, reduce the exercise price of such Prior Warrants from $1.60 per ADS to $0.45 per ADS and to extend the current expiration date of the Prior Warrants until December 23, 2029.