Summary by Futu AI
ZyVersa Therapeutics has entered into a warrant exercise inducement agreement on August 1, 2024, allowing holders to exercise existing warrants at a reduced price of $3.46 per share, down from the original $12.50. The agreement covers 196,000 Series A and 43,300 Series B Common Stock purchase warrants issued in December 2023.In exchange, the company will issue new inducement warrants representing 200% of exercised shares, including Series A-1 warrants for 392,000 shares with a 5-year term and Series B-1 warrants for 86,600 shares with an 18-month term. The new warrants will have an exercise price of $3.46 per share. The company expects to receive approximately $830,000 in gross proceeds if all existing warrants are exercised.The company has engaged A.G.P./Alliance Global Partners as financial advisor for a $50,000 fee. The issuance requires stockholder approval under Nasdaq rules, with a meeting to be held within 90 days. ZyVersa will file an S-3 registration statement by September 2, 2024, for the underlying shares.
