SenesTech, Inc. Announces Closing of $3.95 Million Registered Direct Offering of Common Stock Priced At-the-Market under Nasdaq Rules

Rhea-AI Summary

SenesTech, Inc. (NASDAQ: SNES) has completed a registered direct offering of 1,975,000 shares of common stock priced at $2.00 each, generating gross proceeds of $3.95 million. The funds will be allocated for working capital and general corporate purposes. H.C. Wainwright & Co. served as the exclusive placement agent for this offering. The shares were made available under a previously effective shelf registration statement filed with the SEC.

Positive

• Gross proceeds of $3.95 million from the registered direct offering.
• Funds will be used for working capital and corporate purposes.

Negative

• Shareholder dilution due to the issuance of new shares.
• Market response may negatively affect stock price.

PHOENIX, March 23, 2021 (GLOBE NEWSWIRE) -- SenesTech, Inc. (NASDAQ: SNES), a developer of proprietary, next generation technologies for managing animal pest populations through fertility control, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules of 1,975,000 shares of its common stock at a purchase price of $2.00 per share for gross proceeds of $3.95 million.

SenesTech intends to use net proceeds from the registered direct offering for working capital and general corporate purposes.

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

A shelf registration statement on Form S-3 (File No. 333-225712) relating to the registered direct offering of the shares of common stock described above was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on August 24, 2018.  The offering of the shares of common stock was made only by means of a prospectus supplement and accompanying prospectus that forms a part of the registration statement.  Electronic copies of the final prospectus supplement and the accompanying prospectus were filed with the SEC and may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling (646) 975-6996 or by emailing placements@hcwco.com or at the SEC’s website at http://www.sec.gov.

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

About SenesTech

SenesTech is changing the model for pest management by targeting one of the root causes of the problem: reproduction.

ContraPest® is an innovative technology with an approach that targets the reproductive capabilities of both sexes in rat populations, inducing egg loss in female rats and impairing sperm development in males. Using a proprietary bait delivery method, ContraPest® is dispensed in a highly palatable liquid formulation that promotes sustained consumption by rat communities. ContraPest® is designed, formulated and dispensed to be low hazard for handlers and non-target species such as wildlife, livestock and pets, where the active ingredients break down rapidly.

We believe ContraPest® will establish a new paradigm in rodent control, resulting in a decreased reliance on lethal options. For more information visit the SenesTech website at www.senestech.com.
  
Safe Harbor Statement

The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. “Forward-looking statements” may be preceded by words such as “may,” “future,” “plan” or “planned,” “will,” “should,” “expected,” “anticipates,” “continue,” “eventually,” “believes,” or “projected.” Forward-looking statements include statements concerning the use of the proceeds of the registered direct offering, and the Company’s commercialization of its technology.

Investors should not unduly rely on forward-looking statements. Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those made in the forward-looking statements, including as a result of various factors and other risks, such as market conditionsand other factors identified in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K and quarterly reports filed on Form 10-Q. All forward-looking statements speak only as of the date on which they were made based on management’s assumptions as of such date. The Company does not undertake any obligation to update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise, except as required by law.

CONTACT:

Investors: Robert Blum, Joe Dorame, Joe Diaz, Lytham Partners, LLC,
602-889-9700, senestech@lythampartners.com

Company: Tom Chesterman, Chief Financial Officer, SenesTech, Inc.,
928-779-4143

FAQ

What is the size and price of the offering by SenesTech (SNES)?

SenesTech issued 1,975,000 shares of common stock at a price of $2.00 per share, totaling gross proceeds of $3.95 million.

What will the proceeds from the offering be used for?

The proceeds from the offering will be used for working capital and general corporate purposes.

Who acted as the placement agent for SenesTech's offering?

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

What is the impact of the offering on SenesTech's shareholders?

The offering may lead to shareholder dilution, which could negatively affect the stock price.