SenesTech (NASDAQ: SNES), the rodent fertility control experts and inventors of the only EPA-registered contraceptive for male and female rats, has closed on its previously announced exercise of certain existing warrants. The transaction comprised the purchase of 2,934,575 shares of SNES common stock at a reduced exercise price per share of $0.7202. SenesTech also issued new warrants to purchase shares of common stock in a private placement; the new warrants are exercisable for up to 5,869,150 shares of common stock at an exercise price of $0.7202 per share. According to the announcement, gross proceeds from the exercise of the existing warrants totaled approximately $2.1 million before placement agent fees and other offering expenses are deducted.
The company plans to use the proceeds from the exercise as working capital and for general corporate purposes, including the rollout of the company’s Isolate Bait System(TM), which is now shipping, and the launch of its new soft-bait product. SNES’s proprietary Isolate Bait product is designed to provide more efficient deployment and incorporates an enhanced formulation of the company’s ContraPest(TM). H.C. Wainwright acted as the exclusive placement agent for the warrant exercise. “In a simple sense, we believe that the proceeds allow us to continue with our plans, which include rolling out the Isolate Bait System as well as launching our new soft-bait product,” said SenesTech president and CEO Joel Fruendt in the press release. “We believe that this financing lets us execute these plans with confidence.”
To view the full press release, visit https://ibn.fm/1ItWz
About SenesTech Inc.
SenesTech are experts at rat-fertility control. The company is passionate about creating a healthy environment by better controlling rat pest populations. SenesTech keeps an inescapable truth in mind: two rats and their descendants can be responsible for the birth of up to 15,000 pups after a year. SenesTech invented ContraPest, the only U.S. EPA-registered contraceptive for male and female rats. ContraPest fits seamlessly into all integrated pest-management programs, greatly improving the overall goal of effective rat management. The company strives for clean cities, efficient businesses and happy households by offering a product that was designed to be effective and sustainable without killing rats. SenesTech is committed to improving the health of the world by humanely managing animal populations through fertility control. For more information about the company, please visit www.SenesTech.com.
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