ProPhase Labs Announces Pricing of Public Offering of Common Stock Via Investing.com
GARDEN CITY, NY, Nov. 07, 2024 (GLOBE NEWSWIRE) — ProPhase Labs, Inc. (NASDAQ: PRPH) (ProPhase or the Company), a next-generation biotech, genomics and diagnostics company, today announced the price of its underwritten public offering of 4,170,000 shares of common stock. Each share of common stock is being sold at a public offering price of $0.72 per share, for gross proceeds of approximately $3 million, before deducting underwriting discounts, and offering expenses. All shares are offered by the Company. In addition, the Company has granted the underwriters a 45-day option to purchase an additional 625,500 shares of common stock at a price offered to the public less discounts, to cover the excess dividends. The offering is expected to close on November 12, 2024, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds of this offering for working capital and general business purposes, which may include capital expenditures, product development and commercialization expenses, and acquisitions of companies, businesses, technologies and products within and outside the diagnostic services, genomics and consumer products industries.
ThinkEquity is acting as the sole bookrunner for the offering.
The securities will be offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-260848), including a base prospectus, filed with the US Securities and Exchange Commission (SEC) on November 5, 2021 and announced to be effective on -November 12, 2021. The offering will be offered only through a written prospectus. The prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC on its website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may be obtained, if available, from the offices of ThinkEquity, 17. State Street (NYSE:), 41St Floor, New York, New York 10004.
This press release shall not constitute an offer to sell or solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other place where such offer, solicitation or sale would be unlawful prior to registration. or qualifications under the securities laws of any state or other jurisdiction. Any offer, if any, will be made only pursuant to the prospectus supplement and the accompanying prospectus that form part of the effective registration statement.
About ProPhase Labs
ProPhase Labs, Inc. (Nasdaq: PRPH) is a next-generation biotech, genomics and diagnostics company. Our mission is to create a healthy world with bold action and insight. We believe we are revolutionizing healthcare with industry-leading Whole Genome Sequencing solutions, while developing game-changing diagnostics and therapies in the fight against cancer. This includes potentially life-saving cancer screenings focused on early detection of esophageal cancer and potential cancer treatments with new mechanisms of action. Our world-class CLIA labs and state-of-the-art diagnostic technology provide healthcare solutions to healthcare providers and consumers. We develop, manufacture, and sell health and wellness solutions so people can live their best lives. We are committed to excellence, smart diversity, and a collaborative, omni-channel approach. ProPhase Labs’ subsidiaries and their strategic partnerships highlight our potential for long-term value.
For more information, visit www.ProPhaseLabs.com
Forward-looking statements
This press release contains forward-looking statements as defined by the Securities Reform Act of 1995 that involve risks and uncertainties. In some cases, you can identify forward-looking statements by words such as may, may, will, intend, aim, should, could, expect, expect, believe, design, estimate, predict, likely, plan or incorrect, these terms and similar expressions are intended to identify forward-looking statements. forward. These statements include statements related to the expected completion of the offering described herein and the intended use of proceeds. The Company cautions readers that forward-looking statements are based on management’s expectations and assumptions as of the date of issuance and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to, risks related to prevailing market conditions, the impact of general economic, industrial or political conditions on -United States, and the Company’s ability to satisfy customary closing conditions related to the offering. Management believes that these forward-looking statements are reasonable when made. The Company undertakes no obligation to update forward-looking statements except as required by applicable securities laws.
Media Relations and Institutional Investor Relations:
Company ProPhase Labs, Inc.
267-880-1111
investorrelations@prophaselabs.com
Retail Investor Contacts:
Resume Financial Communications
John Boidman
514-939-3989
Jboidman@renmarkfinancial.com
