- SenesTech (SNES, Financial) secured $4.4 million from warrant exercises.
- New warrants could potentially generate an additional $6.0 million.
- Proceeds aimed at supporting working capital and corporate purposes.
SenesTech, Inc. (SNES), a company specializing in fertility control solutions for animal pests, has announced the successful closing of a warrant exercise transaction, resulting in $4.4 million in gross proceeds. This was achieved through the exercise of existing warrants to purchase 1,458,872 shares of common stock at $2.90 each.
In conjunction with this, SenesTech has issued new unregistered short-term warrants, allowing the purchase of an additional 1,458,872 shares at an exercise price of $4.15 per share, with a premium purchase price of $0.125 per warrant. These new warrants are set to expire 15 months after the effective date of their resale registration statement, potentially bringing in approximately $6 million in further gross proceeds, should they be fully exercised.
H.C. Wainwright served as the exclusive placement agent facilitating this transaction. The financial maneuver is intended to bolster SenesTech's working capital and support general corporate operations. The new warrants reflect a strategic decision to capitalize on anticipated business growth while minimizing immediate shareholder dilution.
