Arch Therapeutics Completes Financing as Bridge to Uplisting

FRAMINGHAM, Mass., Sept. 07, 2023 (GLOBE NEWSWIRE) — Arch Therapeutics, Inc. (OTCQB:ARTH) (“Arch” or the “Company”), a marketer and developer of novel self-assembling wound care and biosurgical products, today announced that it completed a private placement with institutional and accredited individual investors (collectively, the “Investors”) as a Bridge Offering preceding a planned national exchange listing of the Company’s common stock on either Nasdaq Global Market, Nasdaq Capital Market, New York Stock Exchange or NYSE American (the “Uplisting”). The private placement consisted of the issuance of common stock, par value $0.001, at a purchase price of $0.275 per share and accompanying common warrant to purchase two shares of common stock (or pre-funded warrants at a purchase price of $0.274 per pre-funded warrant and accompanying common warrant to purchase two shares of common stock) with total gross proceeds of approximately $2.6 million in the aggregate in connection with two separate closings (the “Bridge Offering”), with the initial closing in July. Lowenstein Sandler LLP acted as counsel to the Company in connection with the Bridge Offering, and ArentFox Schiff LLP served as counsel to Dawson James Securities, Inc.

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