11:13 AM EDT, 09/10/2024 (MT Newswires) -- PainReform ( PRFX ) said Tuesday it entered into agreements to immediately exercise certain warrants to buy up to 989,300 ordinary shares.

These shares were originally issued in December 2023 and April 2024. Their exercise price will be reduced to $1.60 per share from $4.80, the company said, adding that the offering is set to close around Wednesday.

In exchange for this immediate exercise, PainReform ( PRFX ) will issue new warrants to buy up to nearly 2 million ordinary shares at $1.60 per share. These new warrants will expire in five years, the company said.

Gross proceeds are expected to be about $1.6 million. Net proceeds from the offering will be used for general corporate purposes, the company said.

Shares of PainReform ( PRFX ) fell over 20% in recent trading activity.

Price: 1.26, Change: -0.33, Percent Change: -20.75