TC BioPharm Prices Offering Of 1.75 Mln American Depositary Shares

(RTTNews) - TC BioPharm (Holdings) Plc (TCBP), a company developing platform allogeneic gamma-delta T cell therapies for cancer, said on Tuesday that it has priced a public offering of 1,750,000 American Depositary Shares or ADSs or pre-funded warrants in lieu thereof, together with Series E warrants at $2 per ADS.

The Series E Warrants will have an exercise price of 1.5814 pounds per ADS, are exercisable upon issuance and will expire five years following the date of issuance.

Each ADS represents 20 shares of the company.

The gross proceeds of $3.5 million from the offering, to be closed on or about December 21, 2023, will be used to fund its upcoming clinical trial focusing on relapse, refractory Acute Myeloid Leukemia, and continuing operating expenses and working capital.

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

TC BioPharm has also agreed that a certain existing warrant to purchase up to an aggregate of 623,750 ADSs that was previously issued on September 5, 2023, at an exercise price of 7 pounds per ADS and an expiration date of March 5, 2029, will be amended effective upon the closing of the offering so that the amended warrant will have a reduced exercise price of 1.5814 pounds per ADS.

TCBP was trading down by 24.14 percent at $1.98 per share in the pre-market trade on the Nasdaq.