As a result of increased software sales by the acquirer, and
in accordance with the terms of the software business sale
agreement, a significant number of zero-exercise-price warrants
have matured—Blade Ranger now holds approximately 1 million shares
and warrants exercisable at no additional cost
TEL
AVIV, Israel, May 27, 2025
/PRNewswire/ -- Blade Ranger Ltd. (TASE: BLRN), a company
listed on the Tel Aviv Stock Exchange, announced the achievement of
a first milestone in the transaction involving the sale of its
DeepSolar operations to PainReform (NASDAQ: PRFX).
According to the agreement, which was
completed in March 2025, Blade Ranger
received a package of securities that included, among other things,
common shares of PainReform representing approximately 9.9% of the
company's equity, as well as approximately 3.08 million warrants
convertible into common shares, some of which are subject to
milestone achievements.
Now, as a result of reaching the first
milestone, the company has received 685,004 warrants exercisable at
an exercise price of $0.01 per share,
while PainReform's shares are currently trading at
approximately $1.91. Following
receipt of these warrants, Blade Ranger holds shares and warrants
(with a $0.01 exercise price) worth
approximately $2 million based on the
share price at the time of this announcement.
Blade Ranger's CEO commented:
"The continued success of PainReform's software sales, which led to
the maturity of additional warrants, significantly improves the
company's financial flexibility and supports the accelerated
business development we are driving forward."
The market value of the shares that may be
derived from the matured warrants, based on the current share
price, is approximately NIS 4.5
million.
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SOURCE Blade Ranger Ltd.
