TFF Pharmaceuticals Prices $5 Million Public Offering of Common Stock

Rhea-AI Summary

TFF Pharmaceuticals, Inc. has priced its underwritten public offering of 19,896,000 shares of common stock at $0.25 per share. The gross proceeds from this offering are expected to be approximately $4.97 million. The underwriter has a 30-day option to purchase up to 2,984,400 additional shares. The offering is expected to close on August 17, 2023. The net proceeds will be used for working capital and general corporate purposes.

FORT WORTH, Texas, Aug. 15, 2023 (GLOBE NEWSWIRE) -- TFF Pharmaceuticals, Inc. (NASDAQ: TFFP) (the “Company”), a clinical-stage biopharmaceutical company focused on developing and commercializing innovative drug products based on its patented Thin Film Freezing (TFF) technology platform, today announced that it has priced its underwritten public offering of 19,896,000 shares of its common stock at a public offering price of $0.25 per share. All of the securities in the underwritten public offering are to be sold by the Company. The Company expects the gross proceeds from this offering to be approximately $4.97 million, before deducting the underwriting discount and other estimated offering expenses. The Company has granted the underwriter a 30-day option to purchase up to 2,984,400 additional shares of common stock. The Company expects to close the offering, subject to customary conditions, on August 17, 2023.

The Company intends to use the net proceeds from the proposed offering for working capital and general corporate purposes.

The Benchmark Company, LLC is acting as sole book-running manager for the offering. The Liquid Venture Partners group at The Benchmark Company, LLC is responsible for sourcing and executing the offering.

A shelf registration statement relating to the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (“SEC”) and declared effective by the SEC. A preliminary prospectus supplement relating to the proposed offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. A final prospectus supplement describing the terms of the proposed offering will be filed with the SEC. Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained, when available, from The Benchmark Company, LLC, 150 East 58th Street, 17th floor, New York, NY 10155, by email at prospectus@benchmarkcompany.com, or by calling +1 (212)-312-6700.

This press release shall not constitute an offer to sell or a 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 TFF Pharmaceuticals

TFF Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company engaging patented rapid freezing technology to develop and transform medicines into potent dry powder formulations for better efficacy, safety, and stability. The company’s versatile Thin Film Freezing (TFF) technology platform has broad applicability to convert most any drug, including vaccines, small and large molecules, and biologics, into an elegant dry powder highly advantageous for inhalation, with improved absorption so drugs can also be delivered to the eyes, nose and topically to the skin.

Safe Harbor

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the expected closing of the public offering and the intended use of proceeds from the offering. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially, including those risks disclosed in under the caption “Risk Factors” in the preliminary prospectus supplement related to the offering. TFF Pharmaceuticals cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law.

FAQ

What is the offering price for TFF Pharmaceuticals, Inc.'s underwritten public offering?

The offering price for TFF Pharmaceuticals, Inc.'s underwritten public offering is $0.25 per share.

How many shares are being offered by TFF Pharmaceuticals, Inc.?

TFF Pharmaceuticals, Inc. is offering 19,896,000 shares of its common stock.

What are the expected gross proceeds from the offering?

The expected gross proceeds from the offering are approximately $4.97 million.

Does the underwriter have an option to purchase additional shares?

Yes, the underwriter has a 30-day option to purchase up to 2,984,400 additional shares of common stock.

When is the expected closing date of the offering?

The offering is expected to close on August 17, 2023.

How will the net proceeds from the offering be used?

The net proceeds from the offering will be used for working capital and general corporate purposes.