RenovoRx, Inc. announced a private placement to issue 7,912,364 shares of common stock a purchase price of $1.4075 for each share of $11,136,652.33 on April 4, 2024. The company also issued two-year Series B Warrants, to purchase an aggregate of up to 3,956,182 shares of common stock, with the Series A Warrants and Series B Warrants together constituting 150% warrant coverage. The Series A Warrants and Series B Warrants are each exercisable for $1.22 per share.

The Series B Warrants are callable by the Company after 6 months if certain price and volume thresholds are achieved. The securities being sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the SEC covering the resale of the shares and the shares underlying the Series A Warrants and Series B Warrants issuable in connection with the private placement.

The transaction is expected to close on April 11, 2024.