Matinas BioPharma says warrant exercise brings in about $2.6 million cash proceeds

Matinas BioPharma disclosed a warrant inducement that led to the immediate cash exercise of existing warrants for 7,486,605 common shares at $0.35.

Gross proceeds from the exercises were about $2.6 million.

In exchange, it will issue new unregistered warrants to buy up to 7,486,605 common shares at $0.35, subject to stockholder approval.

Separately, it issued warrants to buy up to 1,642,856 common shares alongside a $575,000 Series D convertible preferred stock private placement.

The shares underlying the exercised existing warrants were registered for resale under an effective Form S-3 registration statement.