Summary by Moomoo AI
180 Life Sciences Corp. has successfully completed a warrant inducement agreement with a holder of its existing warrants, resulting in the full exercise of warrants for cash and the issuance of new unregistered warrants. The agreement, initially reported on October 16, 2024, led to the holder exercising existing warrants to purchase 950,069 shares of common stock at $3.48 per share on October 16 and 17, 2024. This transaction provided the company with $3,306,240 before expenses. In return, the company issued new warrants to the holder to purchase double the number of shares acquired through the existing warrants at an exercise price of $1.50 per share, exercisable immediately and valid for five years. The issuance of these new warrants is exempt from registration under the Securities Act. The company corrected previous errors in reporting, adjusting the number of shares and the total funds raised from the exercise of the existing warrants. The corrected figures are 950,069 shares and $3,306,240, respectively.
