Silo Pharma Raises $2.5M in Successful Direct Offering
Silo Pharma, Inc. (Nasdaq: SILO) has successfully concluded a registered direct offering, raising approximately $2.5 million. The company sold 2,857,143 shares of common stock at $0.875 per share between February 15, 2023, and March 1, 2023.
The offering was facilitated by H.C. Wainwright & Co., who acted as the exclusive placement agent. Alongside the shares, Silo Pharma issued unregistered warrants to purchase up to 2,857,143 additional shares at an exercise price of $0.75 per share. The company plans to use the net proceeds for working capital and general corporate purposes. The common stock was offered under a shelf registration statement on Form S-3 filed with the SEC.
Silo Pharma's recent offering has provided the company with a significant financial boost, with gross proceeds of approximately $2.5 million. The funds will be utilised to strengthen the company's working capital and support its general operations.
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