01:42 PM EST, 12/04/2024 (MT Newswires) -- NLS Pharmaceutics ( NLSP ) said Wednesday it priced a private placement offering of up to 322,580 common shares at $3.10 per share for gross proceeds of up to $1 million.

The company said the initial closing of the offering amounting to $500,000 is expected to take place on or before Jan. 10, 2025.

At the election of the buyer, the subsequent closing of $500,000 may happen within 15 days after the receipt of shareholder approval and the common shares trading for at least 10 straight trading days higher than $3.10, corresponding to a premium of about 15%, the company added.

NLS plans to use the net proceeds for general corporate purposes.

The shares of NLS Pharmaceutics ( NLSP ) were up nearly 2% in recent trading.

Price: 2.74, Change: +0.04, Percent Change: +1.67