NEW
YORK, Sept. 15, 2023 /PRNewswire/ -- Hoth
Therapeutics, Inc. (NASDAQ: HOTH) ("Hoth" or the "Company"), a
patient-focused biopharmaceutical company, today announced the
closing of its previously announced registered direct offering,
priced at-the-market under Nasdaq rules, 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 addition, in a concurrent private
placement, Hoth issued unregistered warrants to purchase up to
1,100,000 shares of its common stock. The warrants have an exercise
price of $2.505 per share and are
immediately exercisable upon issuance for a period of five years.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The gross proceeds to Hoth from the offering are 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) 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) were 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
was filed with the SEC on September 14,
2023. Electronic copies of the final prospectus supplement
and accompanying prospectus may be obtained 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 were 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, were not 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 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 impact of 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 SEC. 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.