Isolate Bait System™ Now Shipping
PHOENIX, Aug. 29,
2023 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES,
"SenesTech" or the "Company"), (www.senestech.com) the rodent
fertility control experts and inventors of the only EPA registered
contraceptive for male and female rats, announced today the closing
of its previously announced exercise of certain existing warrants
to purchase 2,934,575 shares of its common stock at a reduced
exercise price of $0.7202 per share.
In addition, the Company issued new warrants, as described below.
The aggregate gross proceeds from the exercise of the existing
warrants were approximately $2.1
million, before deducting placement agent fees and other
offering expenses payable by the Company.
H.C. Wainwright acted as the exclusive placement agent for this
transaction.
The Company expects to use the net proceeds from the transaction
for working capital and general corporate purposes, including
rolling out the Company's Isolate Bait System as well as launching
its new soft bait product.
The resale or issuance, as applicable, of the shares of common
stock underlying the existing warrants have been registered
pursuant to an effective registration statement.
As consideration for the exercise of such existing warrants for
cash, the Company issued new unregistered warrants to purchase
shares of common stock in a private placement. The new warrants are
exercisable for up to an aggregate of 5,869,150 shares of common
stock at an exercise price of $0.7202
per share, with the term of such new warrants to begin on the date
of stockholder approval, or if it is determined that such
stockholder approval is not required by the applicable rules and
regulations of the Nasdaq Capital Market, on the date of issuance
until either the five year or thirteen-month anniversary of the
date of stockholder approval or the date of issuance, as
applicable.
The new warrants offered have not been registered under the
Securities Act of 1933, as amended, or under applicable state
securities laws. Accordingly, the new warrants and shares of common
stock issuable upon the exercise of the new warrants may not be
offered or sold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws.
In commenting on the warrant exercise, Joel Fruendt, SenesTech's President and CEO,
stated, "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.
We believe that this financing lets us execute these plans with
confidence."
Isolate Bait SystemTM for ContraPest®
In addition, the Company confirmed that it had begun delivery of
the previously announced new delivery system for
ContraPest®, the Isolate Bait
SystemTM. This new product brings to market a
simple design that enables more efficient deployment, incorporates
an enhanced formulation of ContraPest that is expected to provide
improved performance of the fertility control bait in the field and
is paired with a new bait station that is more space-efficient and
economical.
The Isolate Bait System is specifically designed based on
customer demands for a more efficient and easier-to-use bait
system:
- Quick and Easy Deployment
-
- With a simple peel-off seal, the Isolate Bait System allows for
rapid placement and setup, with users showing up to 80% reduction
in time and effort.
- User-Friendly Design
-
- The integrated tank-tray unit is designed for ease of use,
catering to both professionals and the do-it-yourself market.
- Convenient Size
-
- With a compact 8 fl. oz. size, it is manageable and suitable
for all users, enhancing the overall experience.
- Sustainability
-
- The container is recyclable.
- Increased Efficiency
-
- The new design, along with an enhanced formulation, ensures
improved performance in the field, providing superior results.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About SenesTech
We are the experts in rat fertility control. Our passion is to
create a healthy environment by better controlling rat pest
populations. We keep 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. We 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. We strive
for clean cities, efficient businesses, and happy households – with
a product that was designed to be effective and sustainable without
killing rats. At SenesTech, we are committed to improving the
health of the world by humanely managing animal populations through
fertility control.
For more information and to order, visit https://senestech.com/
and https://contrapeststore.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of federal securities laws, and we intend that such
forward-looking statements be subject to the safe harbor created
thereby. Such forward-looking statements include, among others, the
intended use of proceeds from the warrant exercise, our belief that
the Isolate Bait System brings to market a simple design that
enables more efficient deployment, incorporates an enhanced
formulation of ContraPest that is expected to provide improved
performance of the fertility control bait in the field and is
paired with a new bait station that is more space-efficient and
economical; our belief that the proceeds of the warrant exchange
allow us to continue with our fourth quarter plans, which include
rolling out the Isolate Bait System as well as launching our new
soft bait product; our belief that this financing lets us
execute these plans with confidence; and our belief that the
Isolate Bait System design is more efficient and an easier-to-use
bait system; our belief that the new design, along with an enhanced
formulation, ensures improved performance in the field, providing
superior results. Forward-looking statements may describe
future expectations, plans, results or strategies and are often,
but not always, made through the use of words such as "believe,"
"may," "future," "plan," "will," "should," "expect," "anticipate,"
"eventually," "project," "estimate," "continuing," "intend" and
similar words or phrases. You are cautioned that such statements
are subject to risks, uncertainties and other factors that could
cause actual results to differ materially from those reflected by
such forward-looking statements. Such factors include, among
others, market and other conditions, the impacts and implications
of the COVID-19 pandemic, the successful commercialization of our
products, market acceptance of our products, regulatory approval
and regulation of our products and other factors and risks
identified from time to time in our filings with the SEC, including
our Annual Report on Form 10-K for the fiscal year ended
December 31, 2022. All
forward-looking statements contained in this press release speak
only as of the date on which they were made and are based on
management's assumptions and estimates as of such date. Except as
required by law, we do not undertake any obligation to publicly
update any forward-looking statements, whether as a result of the
receipt of new information, the occurrence of future events or
otherwise.
CONTACT:
Investors: Robert Blum, Joe Dorame, Joe Diaz,
Lytham Partners, LLC,
602-889-9700, senestech@lythampartners.com
Company: Tom Chesterman, Chief Financial Officer,
SenesTech, Inc.,
928-779-4143
View original content to download
multimedia:https://www.prnewswire.com/news-releases/senestech-announces-closing-of-warrant-exercise-for-2-1-million-in-gross-proceeds-301911894.html
SOURCE SenesTech, Inc.