Can Fite BioPharma Ltd (CANF)

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Can-Fite Announces Exercise of Warrants for Approximately $3.0 Million in Gross Proceeds

https://finance.yahoo.com/news/fite-announces-exercise-warrants-approximately-185300215.html

PETACH TIKVA, Israel, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CANF), a biotechnology company advancing a pipeline of proprietary small molecule drugs that address oncological and inflammatory diseases, today announced the entry into a definitive agreement for the immediate exercise of certain outstanding warrants to purchase up to an aggregate of 1,963,637 American Depositary Shares (ADSs), having exercise prices ranging from $6.00 to $5.50 per ADS, issued by Can-Fite in December 2021 and January 2023, at a reduced exercise price of $1.53 per share. The ADSs representing ordinary shares issuable upon exercise of the warrants are registered pursuant to effective registration statements on Form F-3 (File No. 333-262055) and Form F-1 (File No. 333-269485). The closing of the offering is expected to occur on or about November 24, 2023, subject to satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

In consideration for the immediate exercise of the warrants for cash, Can-Fite will issue new unregistered warrants to purchase up to 3,927,274 ADSs. The new warrants will have an exercise price of $1.75 per ADS, will be immediately exercisable and have a term of exercise equal to five years from the date of issuance. In addition, Can-Fite has agreed to reduce the exercise price of series B warrants to purchase 1,363,637 ADSs held by the warrant holder from $5.50 per ADS to $1.75 per ADS and extend the term of such series B warrants to twenty months from the closing date.

The gross proceeds to Can-Fite from the exercise of the warrants are expected to be approximately $3.0 million, prior to deducting placement agent fees and offering expenses. The Company intends to use the net proceeds for funding research and development and clinical trials and for other working capital and general corporate purposes.