enVVeno Medical Corporation announced that it has entered into a Securities Purchase Agreement with certain institutional investors to issue an aggregate of 3,844,704 shares of the company?s common stock, par value $0.00001 per share for the aggregate gross proceeds of $27.997135 million on October 6, 2023. The company will also issue Pre-Funded Warrants to purchase 977,900 shares of Common Stock, Tranche A Warrants to purchase 4,822,604 shares of Common Stock and Tranche B Warrants to purchase 4,822,604 shares of Common Stock for a combined purchase price per Share and accompanying Tranche A Warrant and Tranche B Warrant of $5.806 and a combined purchase price per Pre-Funded Warrant and accompanying Tranche A Warrant and Tranche B Warrant of $5.8059. The Warrants are immediately exercisable at an exercise price of $6.945 per share for the Tranche A Warrants, $8.334 per share for the Tranche B Warrants, and a nominal exercise price of $0.0001 per share for the Pre-Funded Warrants.

The Tranche A Warrants will expire on the date that is the earlier of October 11, 2024. The Tranche B Warrants will expire on the date that is the earlier of October 12, 2026. The Pre-Funded Warrants will terminate when they are exercised in full.

The transaction is expected to close on October 11, 2023. The net proceeds to the Company from the offering, after deducting the Placement Agent?s fees and expenses but before paying the Company?s estimated offering expenses, are approximately $25.9 million.