First Wave BioPharma Announces Exercise of Warrants and Issuance of New Warrants in a Private Placement for $4.8 Million Gross Proceeds Priced

BOCA RATON, Fla., Dec. 27, 2023 (GLOBE NEWSWIRE) — First Wave BioPharma, Inc. (“First Wave BioPharma” or the “Company”) (NASDAQ:FWBI), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, today announced it has entered into agreements with certain holders of its existing warrants exercisable for 881,337 shares of its common stock, in the aggregate, to exercise their warrants at a reduced exercise price of $5.50 per share, in exchange for new warrants as described below. The aggregate gross proceeds from the exercise of the existing warrants is expected to total approximately $4.8 million, before deducting financial advisory fees. The reduction in the exercise price of the existing warrants and the issuance of the new warrants was structured as an at-market transaction under Nasdaq rules.

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