Bone Biologics Announces Exercise Of Warrants For $2.1M Gross Proceeds

Bone Biologics Corporation ("Bone Biologics" or the "Company") (NASDAQ:BBLG, BBLGW))), a developer of orthobiologic products for spine fusion markets, today announced that it has entered into a definitive agreement for the exercise of certain existing warrants to purchase an aggregate of 781,251 shares of its common stock having an exercise price of $2.43 per share, originally issued in March 2024. The issuance of the shares of common stock issuable upon exercise of the existing warrants is registered pursuant to an effective registration statement on Form S-1 (File No. 333-276771).

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

In consideration for the immediate exercise of the existing warrants for cash and the payment of $0.125 per new warrant, the Company will issue new unregistered warrants to purchase up to an aggregate of 1,562,502 shares of common stock (the "new warrants"). The new warrants will be immediately exercisable at an exercise price of $2.00 per share. New warrants to purchase 781,251 shares of common stock will have a term of five years from the issuance date, and new warrants to purchase 781,251 shares of common stock will have a term of eighteen months from the issuance date.

The offering is expected to close on or about August 2, 2024, subject to satisfaction of customary closing conditions. The gross proceeds to the Company from the exercise of the existing warrants and the issuance of new warrants are expected to be approximately $2.1 million, prior to deducting placement agent fees and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund clinical trials, maintain and extend its patent portfolio, and for working capital and other general corporate purposes.