Synaptogenix, Inc. has secured USD 5 million in financing through a combination of a registered public offering and a private placement.

They have entered into securities purchase agreements for a USD 5.0 million financing with existing investors involving the sale of 5,000 shares of its newly issued Series C convertible preferred stock, with a stated value of USD 1,000 per share, convertible into shares of its common stock in a registered public offering and a concurrent private placement of additional shares of Preferred Stock and unregistered common stock purchase warrants.  

The offering is expected to close on or about September 12, 2024, subject to the satisfaction of customary closing conditions.

"We are pleased to benefit from the support of our committed long-term investors in this financing," said Dr. Alan Tuchman, Chief Executive Officer of Synaptogenix.

"This capital enhances our ability to be both strategic and opportunistic as we explore potential acquisitions or fund research on innovative assets, all with the goal of driving growth and maximizing value for our shareholders," he added.

The shares of Series C preferred stock have an initial conversion price of USD 4.00 per share and accrue a 5.0 percent quarterly dividend payable in cash.

The warrants have an initial exercise price of USD 4.00 per common share, are exercisable immediately, and are exercisable for a term of five years from the date of issuance.

The securities in the registered offering were offered pursuant to an effective shelf registration statement on Form S-3 (File No. 333-264325), which was declared effective by the Securities and Exchange Commission on April 27, 2022. 

The offering of such securities is being made only by means of a prospectus supplement that forms a part of the registration statement.