Scinai Immunotherapeutics Announces Closing of Exercise of Outstanding Warrants for $1.69 Million in Gross Proceeds

JERUSALEM, Jan. 4, 2024 /PRNewswire/ — Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI), a biopharmaceutical company focused both on development of inflammation and immunology (I&I) biological therapeutic products and provision of boutique CDMO services, today announced the closing of its previously announced exercise of certain outstanding warrants to purchase up to an aggregate of 2,606,552 American Depositary Shares (ADSs), each representing four hundred ordinary shares, having exercise prices ranging from $1.16 to $5.00 per ADS and terms ranging from five and one-half years to three years, respectively, issued by Scinai in September 2023 and December 2022, at a reduced exercise price of $0.65 per ADS. The ADSs representing ordinary shares issuable upon exercise of the warrants were registered pursuant to effective registration statements on Form F-1 (File Nos. 333-275217 and 333-267648).

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