Tiziana Life Sciences Prices 6.4M Shares at $1.25 Each

Tiziana Life Sciences announces the pricing of a Company best efforts registered direct offering of 6,400,000 ordinary shares at an Offering price of $1.25 per ordinary share conducted without an underwriter or placement agent to members of senior management and existing shareholders. The total gross proceeds to Tiziana from the Offering, before deducting estimated Offering expenses payable by Tiziana, are expected to be $8M. For every ordinary share subscribed, participants will receive one warrant entitling the holder to subscribe for one new ordinary share at a price of $1.50 at any time up to and including July 16, resulting in additional gross proceeds of up to approximately $9.6M. The Offering is expected to close on January 16, subject to the satisfaction of customary closing conditions. The Offering was led by Tiziana's CEO, Ivor Elrifi, who purchased 2,400,000 ordinary shares, bringing his total holding to 2,757,848 ordinary shares. Executive Chairman and Founder of Tiziana, Gabriele Cerrone purchased 1,600,000 ordinary shares in the Offering through Panetta Partners, an entity in which he has a beneficial interest, bringing his total holdings to 44,974,830 ordinary shares.