Pluri Prices $8.2 million Private Placement Offerings Priced At-The-Market Under Nasdaq Rules

Rhea-AI Summary

Pluri Inc. (Nasdaq: PLUR) announced the execution of securities purchase agreements for the sale of 7,885,900 common shares and warrants. Shares were sold at prices ranging from $1.03 to $1.06, with a total expected closing date by January 31, 2023. CEO Yaky Yanay will forgo $375,000 of his annual salary for equity grants. The offerings were made under SEC exemptions and are not registered under the Securities Act. Pluri is focused on developing cellular solutions for various industries, including regenerative medicine and food-tech.

Positive

• Successful execution of securities purchase agreements for 7,885,900 common shares.
• CEO's commitment to equity grants demonstrates confidence in the company's future.

Negative

• Sales are conducted at relatively low prices ($1.03 - $1.06), which may indicate lower market confidence.
• Future performance may be impacted by the unregistered status of securities, limiting their marketability.

HAIFA, Israel, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Pluri Inc. (Nasdaq: PLUR) (TASE: PLUR) (“Pluri” or the “Company”), a leading biotechnology company, announced today that it has signed securities purchase agreements with domestic and non-U.S. investors for the sale of an aggregate of 7,885,900 of the Company’s common shares and warrants to purchase up to an aggregate of 7,885,900 of the Company’s common shares. On December 13, 2022, the Company executed securities purchase agreements to sell, at a purchase price of $1.03 per share, up to 5,579,883 of the Company’s common shares and warrants to purchase up to 5,579,883 of the Company’s common shares, with an exercise price of $1.03 per share and a term of three years. On December 14, 2022, the Company executed securities purchase agreements to sell, at a purchase price of $1.05 per share, up to 2,068,517 of the Company’s common shares and warrants to purchase up to 2,068,517 of the Company’s common shares, with an exercise price of $1.05 per share and a term of three years. On December 15, 2022, the Company executed securities purchase agreements to sell, at a purchase price of $1.06 per share, up to 237,500 of the Company’s common shares and warrants to purchase up to 237,500 of the Company’s common shares, with an exercise price of $1.06 per share and a term of three years. The warrants sold in the offerings will be exercisable upon the later of six months from their issuance date, or until the Company increases its authorized shares. In addition, Yaky Yanay, the Company’s Chief Executive Officer, has committed to forgo $375,000 of his annual cash salary for the next twelve months in return for equity grants issuable under the Company’s existing equity compensation plans. The offerings are expected to close by January 31, 2023.

The offerings are being made in the United States pursuant to the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D as promulgated by the Securities and Exchange Commission (the "SEC"). The securities have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and accordingly may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Pluri Inc.

Pluri is pushing the boundaries of science and engineering to create cell-based products for commercial use and is pioneering a biotech revolution that promotes global wellbeing and sustainability. The Company’s technology platform, a patented and validated state-of-the-art 3D cell expansion system, advances novel cell-based solutions for a range of initiatives— from medicine and climate change to food scarcity, animal cruelty and beyond. Pluri’s method is uniquely accurate, scalable, cost-effective, and consistent from batch to batch. Pluri currently operates in the field of regenerative medicine, food-tech and biologics and aims to establish partnerships that leverage the Company’s 3D cell-based technology to additional industries that require effective, mass cell production. To learn more, visit us at www.pluri-biotech.com or follow us on LinkedIn and Twitter.

Safe Harbor Statement

This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. For example, Pluri is using forward-looking statements when it discusses the expected closing date. These forward-looking statements and their implications are based on the current expectations of the management of Pluri only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements about Pluri: changes in technology and market requirements; Pluri may encounter delays or obstacles in launching and/or successfully completing its clinical trials, if necessary; its products may not be approved by regulatory agencies, its technology may not be validated as it progresses further and its methods may not be accepted by the scientific community; it may be unable to retain or attract key employees whose knowledge is essential to the development of its products; unforeseen scientific difficulties may develop with its processes; its products may wind up being more expensive than it anticipates; results in the laboratory may not translate to equally good results in real clinical settings; its patents may not be sufficient; its products may harm recipients or consumers; changes in legislation with an adverse impact; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of Pluri to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Pluri undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Pluri reference is made to Pluri's reports filed from time to time with the Securities and Exchange Commission.

Contact:

Investors: investor.relations@pluri-biotech.com

FAQ

What is Pluri Inc.'s recent stock offering?

Pluri Inc. announced the execution of agreements for the sale of 7,885,900 common shares and warrants.

What were the prices of Pluri's recent stock sales?

The shares were sold at prices ranging from $1.03 to $1.06.

When is the expected closing date for Pluri's stock offerings?

The offerings are expected to close by January 31, 2023.

Who is Pluri's CEO and what recent action did he take?

CEO Yaky Yanay has committed to forgoing $375,000 of his salary for equity grants.

Under what regulations is Pluri conducting its stock offering?

The offerings are made under SEC exemptions and are not registered under the Securities Act.