10:01 AM EDT, 08/12/2024 (MT Newswires) -- Nexgel ( NXGL ) said Monday it has signed agreements to issue and sell 444,000 shares and issue warrants to buy up to 222,000 shares for a combined offering price of $2.50 per share in a registered direct offering, for expected gross proceeds of about $1.1 million.

The warrants will have an exercise price of $4.25 per share, the company said, adding they will be exercisable immediately after issuance.

Company insiders, including members of the management team and board, participated in the offering, Nexgel ( NXGL ) said.

"After the strategic acquisition of international beauty brand, Silly George, and the immediate requirement for additional inventory and marketing to meet the higher than expected demand for its products, management and the board agreed to provide additional working capital to the Company along with existing and new investors," said Nexgel ( NXGL ) Chief Executive Adam Levy.

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