NanoViricides (NYSE-A:NNVC) said on Tuesday it has entered into a securities purchase agreement with a single healthcare institutional investor to raise about $6 million through a registered direct offering.
The company will sell 3.57 million shares of common stock, or equivalents, at $1.68 per share.
In a concurrent private placement, NanoViricides will issue Series A and Series B warrants to buy up to 3.57 million shares each.
The Series A warrants will be exercisable six months after issuance at $1.75 per share and will expire two years later. The Series B warrants, exercisable after six months at $2 per share, will expire five and a half years after issuance.
NanoViricides said it plans to use the proceeds for working capital and general corporate purposes.
The offering is expected to close around November 12.