08:58 AM EST, 12/24/2024 (MT Newswires) -- Carmell ( CTCX ) said Tuesday it agreed to a private placement with new and existing investors of about 8.1 million shares and an equal number of warrants, both priced at $0.23 each per share, for expected gross proceeds of $1.85 million.

The company said the private placement, priced slightly above Carmell's ( CTCX ) Dec. 23 closing share price, could generate an additional $1.85 million if all warrants are exercised. The warrants become exercisable after stockholder approval and remain valid for five years, it added.

Upon closing, Carmell ( CTCX ) will have about 29 million outstanding shares, the company said.