ISFIYA, Israel, March 1, 2022 /PRNewswire/ -- Check-Cap Ltd. (the "Company" or "Check-Cap") (NASDAQ:CHEK), (NASDAQ:CHEKZ), a clinical stage medical diagnostics company advancing the development of C-Scan®, the first and only patient-friendly, preparation-free screening test, to detect polyps before they may transform into colorectal cancer (CRC), today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 20,000,000 of the Company's ordinary shares and accompanying warrants to purchase up to an aggregate of 15,000,000 of the Company's ordinary shares in a registered direct offering. Each ordinary share is being sold together with one warrant to purchase 0.75 ordinary share at a combined offering price of $0.50 per ordinary share and accompanying warrant. The warrants will have a term of five years following the date of issuance, be exercisable immediately and have an exercise price of $0.65 per ordinary share. The registered direct offering is expected to close on or about March 3, 2022, subject to satisfaction of customary closing conditions.