NEW YORK & PITTSBURGH & BERLIN–RenovaCare, Inc., (OTCQB: RCAR), developer of the SkinGun™ and CellMist™ System for isolating and spraying a patient’s own stem cells onto burns and wounds for rapid self-healing, today announced the closing of its previously announced registered direct offering of 915,000 shares of its common stock at a an offering price of $2.50 per share and its concurrent private placement of common stock purchase warrants (the “Warrants”) to purchase 915,000 shares of common stock. The Warrants have a per share exercise price of $2.75, are exercisable immediately and will expire five (5) years from the date of issuance.
The Company received gross proceeds from the offering of approximately $2.3 million, before deducting estimated offering expenses. The Company intends to use the net proceeds from these offerings for working capital and other general corporate purposes.
The Shares were offered by the Company pursuant to a registration statement (File No. 333-217499) filed with the Securities and Exchange Commission (the “SEC”) that was declared effective on May 27, 2017, as supplemented by the prospectus supplement dated October 18, 2017 and filed with the SEC on October 18, 2017. The registration statement and prospectus are available on the SEC’s website located at http://www.sec.gov/. Copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained, when available, from the Company by telephone at (800) 398-0202 or by email at: email@example.com.
The Warrants were offered pursuant to the exemption from registration afforded by Section 4(a)(2) under the Securities Act of 1933, as amended (the “Act”), and Regulations D and S promulgated thereunder. Such Warrants and the common shares issuable upon exercise of such Warrants have not been registered under the Act, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell or the 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.