iCo Therapeutics Inc. Proposes to Re-Price Warrants
The Warrants issued under the Spring 2019 Private Placement are exercisable until dates ranging from January 31, 2022 to March 4, 2022.
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2021) - iCo Therapeutics Inc. (TSXV: ICO) (OTCQB: ICOTF) ("iCo" or the "Company"), announces that they are submitting an application to the TSX Venture Exchange to amend the exercise price of 66,200,000 previously granted common share purchase warrants (the "Warrants") issued pursuant to a private placement of 25,000,000 units that was completed over several tranches from January 31, 2019 to March 4, 2019 (the "Spring 2019 Private Placement") and pursuant to a private placement of 41,200,000 units that closed on August 16, 2019 (the "Summer 2019 Private Placement").
Subject to the TSX Venture Exchange approval, the Company is amending the exercise price of the Warrants from $0.075 to $0.065 per Warrant. The Warrants issued under the Spring 2019 Private Placement are exercisable until dates ranging from January 31, 2022 to March 4, 2022. The Warrants issued under the Summer 2019 Private Placement are exercisable until August 16, 2022. To date, 3,190,000 of the Warrants have been exercised.
"iCo has been pursuing a number of strategic initiatives throughout 2020. It is our hope that one or more of these will come to fruition in early 2021. By reducing the strike price of the warrants we believe more warrants might be exercised and thereby allow the Company to capitalize on these opportunities," noted William Jarosz, the Chief Executive Officer of iCo.
About iCo Therapeutics
iCo Therapeutics identifies existing development stage assets for use in underserved ocular and infectious diseases. Such assets may exhibit utility in non-ophthalmic conditions outside the Company's core focus areas and if so, the Company will seek to capture further value via partnerships. iCo shares trade on the TSX Venture Exchange under the symbol "ICO" and on the OTCQB under the symbol "ICOTF".
For more information, visit the Company website at: www.icotherapeutics.com.
No regulatory authority has approved or disapproved the content of this press release. Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
Certain statements included in this press release may be considered "forward-looking information" within the meaning of applicable securities laws. Forward-looking information can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. Forward-looking statements in this press release include statements pertaining to the amendment of the exercise price of the Warrants. All forward-looking statements are based on iCo's current beliefs as well as assumptions made by and information currently available to iCo and relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance and future commitments. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based only on information currently available to iCo and speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by iCo in its public securities filings and on its website, actual events may differ materially from current expectations. iCo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Investor Relations
Michael Liggett
iCo Therapeutics Inc.
1-604 800 9860
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71814