PainReform Announces Pricing of $20.0 Million Initial Public Offering

Rhea-AI Summary

PainReform Ltd. (NasdaqCM:PRFX) has announced the pricing of its initial public offering (IPO) involving 2,500,000 units at $8.00 per unit. Each unit includes one Ordinary Share and one Warrant. The offering aims to raise approximately $20.0 million in gross proceeds, and it is expected to close on September 3, 2020. The Company’s shares will start trading on the Nasdaq Capital Market under the symbol PRFX on September 1, 2020. The Company has provided an option for underwriters to purchase an additional 375,000 shares.

Positive

• Initial public offering priced at $8.00 per unit, indicating investor interest.
• Projected gross proceeds of $20.0 million to support business operations and growth.
• Shares approved for listing on Nasdaq under the symbol PRFX.

Negative

• Warrants have an exercise price of $8.80, which could dilute current shareholders if exercised.

HERZLIYA, ISRAEL / ACCESSWIRE / September 1, 2020 / PainReform Ltd. (NasdaqCM:PRFX) ("PainReform" or the "Company"), a clinical stage specialty pharmaceutical company focused on the reformulation of established therapeutics, today announced the pricing of its initial public offering of 2,500,000 units at a price of $8.00 per unit. Each unit consists of one Ordinary Share and one Warrant to purchase one Ordinary Share. The Ordinary Shares and Warrants are immediately separable from the units and will be issued separately. The Ordinary Shares have been approved to list on the Nasdaq Capital Market under the symbol "PRFX" and are expected to begin trading on September 1, 2020. PainReform expects to receive gross proceeds of approximately $20.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

The Warrants are exercisable immediately, expire five years from the date of issuance and will have an exercise price of $8.80 per share. The offering is expected to close on September 3, 2020, subject to customary closing conditions.

Maxim Group LLC and Joseph Gunnar & Co., LLC are acting as joint book-runners for the offering.

PainReform has granted the underwriters a 45-day option to purchase up to an additional 375,000 Ordinary Shares and/or Warrants to purchase 375,000 Ordinary Shares, or any combination thereof, to cover over-allotments, if any.

The offering is being conducted pursuant to the Company's registration statement on Form F-1 (File No. 333-239576) previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). A prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.

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, any security 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 PainReform

PainReform is a clinical stage specialty pharmaceutical company focused on the reformulation of established therapeutics. PRF-110, the Company's lead product, is based on the local anesthetic ropivacaine, targeting the post-operative pain relief market. PRF-110 is an oil-based, viscous, clear solution that is deposited directly into the surgical wound bed prior to closure to provide localized and extended post-operative analgesia. The Company's proprietary extended release drug-delivery system is designed to provide an extended period of post-surgical pain relief without the need for repeated dose administration while reducing the potential need for the use of opiates.

Contact:

Crescendo Communications, LLC
Tel: 212-671-1021
Email: prfx@crescendo-ir.com

SOURCE: PainReform Ltd.

View source version on accesswire.com:
https://www.accesswire.com/604253/PainReform-Announces-Pricing-of-200-Million-Initial-Public-Offering

FAQ

What is the pricing of PainReform's initial public offering?

PainReform's initial public offering is priced at $8.00 per unit.

How much gross proceeds does PainReform expect from its IPO?

PainReform expects to raise approximately $20.0 million in gross proceeds from its IPO.

When will PainReform's shares start trading on Nasdaq?

PainReform's shares are expected to start trading on Nasdaq under the symbol PRFX on September 1, 2020.

What is included in each unit of PainReform's IPO?

Each unit in PainReform's IPO consists of one Ordinary Share and one Warrant.

Are there any options for underwriters in PainReform's IPO?

Yes, PainReform has granted underwriters a 45-day option to purchase an additional 375,000 Ordinary Shares and/or Warrants.