WallachBeth Capital Announces Pricing of ABVC BioPharma, Inc. (Nasdaq: ABVC) $4.22 Million Registered Direct Offering

Rhea-AI Summary

WallachBeth Capital LLC has announced that ABVC BioPharma (Nasdaq: ABVC) will sell 2,000,000 shares at $2.11 each, alongside warrants to purchase an additional 2,000,000 shares at an exercise price of $2.45. The offering is expected to generate approximately $4.22 million before fees, targeted for working capital. The closing is anticipated on or around May 16, 2022, pending customary conditions. The offering is conducted under a shelf registration statute, with all documents available through the SEC and WallachBeth Capital.

Positive

• Gross proceeds expected to be approximately $4.22 million.
• Intended use of funds for working capital purposes.

Negative

• Dilution potential from issuing 2,000,000 shares and warrants.

JERSEY CITY, N.J., May 12, 2022 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced that ABVC BioPharma, Inc. (Nasdaq: ABVC), a clinical-stage biopharmaceutical company, has entered into securities purchase agreements with certain institutional investors for the issuance and sale of 2,000,000 shares of common stock and warrants to purchase up to 2,000,000 shares of common stock, at a purchase price of $2.11 per share in a registered direct offering. The warrants will be immediately exercisable at an exercise price of $2.45 per share of common stock and will expire five years from the date of issuance.

The gross proceeds to the Company are expected to be approximately $4.22 million, before deducting placement agent fees and other offering expenses. ABVC currently intends to use the net proceeds from the offering for working capital purposes.

WallachBeth Capital, LLC and Viewtrade Securities are acting as co-placement agents for the offering.  The closing of the offering is expected to occur on or about May 16, 2022, subject to the satisfaction of customary closing conditions.

The securities described above are being offered pursuant to a "shelf" registration statement on Form S-3 (Registration No. 333-260588) (the "Registration Statement"), which was declared effective by the Securities and Exchange Commission (the "SEC") on November 29, 2021. A prospectus supplement to the prospectus contained in the Registration Statement relating to the offering will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, from WallachBeth Capital, LLC, via email at cap-mkts@wallachbeth.com or at the SEC's website at http://www.sec.gov. 

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About ABVC BioPharma.
ABVC BioPharma is a clinical-stage biopharmaceutical company focused on utilizing its licensed technology to conduct proof-of-concept trials through Phase II of the clinical development process at world-famous research institutions (such as Stanford University, University of California at San Francisco, and Cedars-Sinai Medical Center). The company has an active pipeline of six drugs and one medical device (ABV-1701/Vitargus®) under development.

About WallachBeth Capital LLC
WallachBeth Capital offers a robust range of capital markets and investment banking services to the healthcare community, connecting corporate clients with leading institutions, creating value for both issuers and investors. The firm's experience includes initial public offerings, follow-on issues, PIPE offerings, and private transactions. WallachBeth Capital is a leading provider of institutional execution services, offering clients a full spectrum of solutions to help them navigate increasingly complex markets. The firm's website is located at www.wallachbeth.com.

Disclaimer
Clinical trials are in early stages, and there is no guarantee that any specific outcome will be achieved. Past performance is not indicative of future results. Investments may be speculative and illiquid, and there is a risk of loss.

Related Links
https://www.wallachbeth.com

 

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SOURCE WallachBeth Capital LLC

FAQ

What is the size of the offering by ABVC BioPharma?

ABVC BioPharma is offering 2,000,000 shares and warrants for a total expected gross proceeds of approximately $4.22 million.

What is the exercise price of the warrants issued by ABVC?

The warrants have an exercise price of $2.45 per share.

When is the closing date for the ABVC offering?

The closing of the offering is expected to occur on or about May 16, 2022.

What will the proceeds from ABVC's offering be used for?

The net proceeds from the offering will be used for working capital purposes.

Is the offering registered with the SEC?

Yes, the securities are being offered under a shelf registration statement declared effective by the SEC.