Lightwave Logic Announces $33.0 Million Financing Agreement with Lincoln Park Capital Fund
Lincoln Park Capital Fund Purchased $3 Million of Common Stock at $9.16/share. The Agreement Provides Lightwave Logic the Right, But Not the Obligation, to Sell Stock to Lincoln Park Over A 36-Month Period at the Company's Sole Discretion
ENGLEWOOD, Colo., Oct. 7, 2021 /PRNewswire/ -- Lightwave Logic, Inc. (NASDAQ: LWLG), a technology platform company leveraging its proprietary electro-optic (EO) polymers to transmit data at higher speeds with less power, has entered into its 5th agreement with Lincoln Park Capital Fund, LLC ("LPC"), a Chicago-based institutional investor. LPC is a long time investor in Lightwave Logic, and first invested in Lightwave Logic in 2011. LPC purchased $3 million of common stock at closing, which was sold at $9.16/share.
Under the purchase agreement, Lightwave Logic will have the right, but not the obligation, to sell up to an additional $30.0 million of its common stock to Lincoln Park over a 36-month period. Lightwave Logic will control the timing and amount of any sales to Lincoln Park with no upper limits to the price Lincoln Park may pay to purchase such common stock. The purchase agreement may be terminated by Lightwave Logic at any time, in its sole discretion, without any additional cost or penalty.
Jim Marcelli, President and Chief Operating Officer of Lightwave Logic, commented, "While we are comfortable with our current cash position of approximately $15 million and burn rate, this financing provides additional flexibility for us as we move forward toward commercialization of our products.
"The Lincoln Park facility allows us to source capital in an opportunistic manner, in addition to our S-3 shelf registration that provides the potential for additional financing alternatives. We believe that maintaining this optionality is critical to financing the company in a way that helps to create value for our shareholders over the long-term," stated Marcelli.
A description of the purchase agreement is set forth in the Company's Current Report on Form 8-K, which the Company filed with the SEC on Tuesday, October 5, 2021.
About Lightwave Logic, Inc.
Safe Harbor Statement
View original content to download multimedia:https://www.prnewswire.com/news-releases/lightwave-logic-announces-33-0-million-financing-agreement-with-lincoln-park-capital-fund-301395039.html
SOURCE Lightwave Logic, Inc.
Company Codes: OTC-QB:LWLG, NASDAQ-NMS:LWLG
© 2021 PR Newswire. All Rights Reserved.