NEW
YORK, Sept. 13, 2023 /PRNewswire/ -- Hoth
Therapeutics, Inc. (NASDAQ: HOTH), a patient-focused
biopharmaceutical company, today announced that it has entered into
a definitive agreement for the purchase and sale of 1,100,000
shares of its common stock (or common stock equivalents in lieu
thereof) at a purchase price of $2.63
per share of common stock (or common stock equivalent in lieu
thereof) in a registered direct offering priced at-the-market under
Nasdaq rules. In addition, in a concurrent private placement, Hoth
will issue unregistered warrants to purchase up to 1,100,000 shares
of its common stock. The warrants will have an exercise price of
$2.505 per share and will be
immediately exercisable upon issuance for a period of five years.
The closing of the registered direct offering and the concurrent
private placement is expected to occur on or about September 15, 2023, subject to the satisfaction
of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The gross proceeds to Hoth from the offering are expected to be
approximately $2.89 million, before
deducting the placement agent's fees and other offering expenses
payable by Hoth. Hoth intends to use the net proceeds from the
offering for general working capital needs.
The shares of common stock (or common stock equivalents in lieu
thereof) being offered in the registered direct offering (but not
the warrants being in the concurrent private placement or the
shares of common stock underlying such warrants) are being offered
by Hoth pursuant to a "shelf" registration statement on Form S-3
(File No. 333-272620) previously filed with the Securities and
Exchange Commission (the "SEC") on June 13,
2023 and declared effective by the SEC on June 16, 2023. The offering of the shares of
common stock (or common stock equivalents in lieu thereof) in the
registered direct offering is made only by means of a prospectus,
including a prospectus supplement, forming a part of the effective
registration statement. A final prospectus supplement and
accompanying prospectus relating to the registered direct offering
will be filed with the SEC. Electronic copies of the final
prospectus supplement and accompanying prospectus may be obtained,
when available, on the SEC's website at http://www.sec.gov or by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by
phone at (212) 865-5711 or e-mail at placements@hcwco.com.
The warrants described above are being issued in a concurrent
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the "Securities Act"), and Regulation D
promulgated thereunder and, along with the shares of common stock
underlying such warrants, have not been registered under the
Securities Act, or applicable state securities laws. Accordingly,
the warrants and underlying shares of common stock may not be
offered or sold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Hoth Therapeutics, Inc.
Hoth Therapeutics is a clinical-stage biopharmaceutical company
dedicated to develop innovative, impactful, and ground-breaking
treatments with a goal to improve patient quality of life. We are a
catalyst in early-stage pharmaceutical research and development,
elevating drugs from the bench to pre-clinical and clinical
testing. Utilizing a patient-centric approach, we collaborate and
partner with a team of scientists, clinicians, and key opinion
leaders to seek out and investigate therapeutics that hold immense
potential to create breakthroughs and diversify treatment options.
To learn more, please visit https://ir.hoththerapeutics.com/.
Forward-Looking Statement
This press release includes forward-looking statements based
upon Hoth's current expectations which may constitute
forward-looking statements for the purposes of the safe harbor
provisions under the Private Securities Litigation Reform Act of
1995 and other federal securities laws, and are subject to
substantial risks, uncertainties and assumptions. These statements
concern the completion of the offering, the satisfaction of
customary closing conditions related to the offering, the intended
use of proceeds from the offering, market and other conditions as
well as Hoth's business strategies; the timing of regulatory
submissions; the ability to obtain and maintain regulatory approval
of existing product candidates and any other product candidates we
may develop, and the labeling under any approval we may obtain; the
timing and costs of clinical trials, the timing and costs of other
expenses; market acceptance of our products; the ultimate impact of
the current Coronavirus pandemic, or any other health epidemic, on
our business, our clinical trials, our research programs,
healthcare systems or the global economy as a whole; our
intellectual property; our reliance on third party organizations;
our competitive position; our industry environment; our anticipated
financial and operating results, including anticipated sources of
revenues; our assumptions regarding the size of the available
market, benefits of our products, product pricing, timing of
product launches; management's expectation with respect to future
acquisitions; statements regarding our goals, intentions, plans and
expectations, including the introduction of new products and
markets; and our cash needs and financing plans. There are a number
of factors that could cause actual events to differ materially from
those indicated by such forward-looking statements. You should not
place reliance on these forward-looking statements, which include
words such as "could," "believe," "anticipate," "intend,"
"estimate," "expect," "may," "continue," "predict," "potential,"
"project" or similar terms, variations of such terms or the
negative of those terms. Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, the Company cannot guarantee such outcomes. Hoth may
not realize its expectations, and its beliefs may not prove
correct. Actual results may differ materially from those indicated
by these forward-looking statements as a result of various
important factors, including, without limitation, market conditions
and the factors described in the section entitled "Risk Factors" in
Hoth's most recent Annual Report on Form 10-K and Hoth's other
filings made with the U. S. Securities and Exchange Commission. All
such statements speak only as of the date made. Consequently,
forward-looking statements should be regarded solely as Hoth's
current plans, estimates, and beliefs. Investors should not place
undue reliance on forward-looking statements. Hoth cannot guarantee
future results, events, levels of activity, performance or
achievements. Hoth does not undertake and specifically declines any
obligation to update, republish, or revise any forward-looking
statements to reflect new information, future events or
circumstances or to reflect the occurrences of unanticipated
events, except as may be required by applicable law.
Investor Contact:
LR Advisors LLC
Email: investorrelations@hoththerapeutics.com
www.hoththerapeutics.com
Phone: (678) 570-6791
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SOURCE Hoth Therapeutics, Inc.