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NLS Pharmaceutics Ltd. and Kadimastem Ltd. Announce the Initial Closing of $500,000 of the Previously Announced $1 Million Fundraising by NLS Following Its Extraordinary General Meeting at a Share Price of $3.10

PR Newswire ·  Jan 8 06:42

NLS Pharmaceutics Ltd. and Kadimastem Ltd. Announce the Initial Closing of $500,000 of the Previously Announced $1 Million Fundraising by NLS Following Its Extraordinary General Meeting at a Share Price of $3.10, Representing 48% Above the Market Share Price as of Jan 6, 2025

ZURICH and NESS ZIONA, Israel, Jan. 8, 2025 /PRNewswire/ -- NLS Pharmaceutics Ltd. ("NLS") (Nasdaq: NLSP), a Swiss clinical-stage biopharmaceutical company focused on the discovery and development of innovative therapies for rare and complex central nervous system disorders, and Kadimastem Ltd. ("Kadimastem") (TASE: KDST), a clinical-stage cell therapy company developing and manufacturing "off-the-shelf" allogeneic cell products for the treatment of neurodegenerative diseases and potential cure of diabetes, announce the successful completion of the initial closing of $500,000 of the previously announced $1 million financing between NLS and an accredited investor under a securities purchase agreement dated December 4, 2024, with the approval of certain items in NLS's extraordinary general meeting on January 7, 2025. As previously detailed in NLS's Report on Form 6-K submitted to the Securities and Exchange Commission on December 4, 2024, this agreement involved no warrants and was executed at a share price of $3.10, representing 48% above the NLS market closing share price as of Jan 6, 2025, the last trading day prior to the date of the NLS's extraordinary general meeting.

Ronen Twito, Kadimastem's Executive Chairman and CEO and Alexander C. Zwyer NLS's CEO & Executive Board Member stated: "With the successful completion of the fundraising, NLS is further bolstering its capacity to complete the merger with Kadimastem"
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