Universe Pharmaceuticals to sell 18.75M shares at 80c in direct offering

Universe Pharmaceuticals (UPC) has entered into a definitive agreement with several investors for the purchase and sale of an aggregate of 18,750,000 of the Company’s ordinary share, par value $0.28125 per share at a purchase price of $0.80 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share. The Company also agreed to issue to the same investors warrants to purchase up to 18,750,000 ordinary shares at an exercise price of $0.80 per share. The Warrants will have a 5-year term from the date of issuance. The aggregate gross proceeds to the Company of this offering are expected to be approximately $15 million. The transaction is expected to close on or about December 10, 2024, subject to the satisfaction of customary closing conditions. Univest Securities is acting as the sole placement agent.