FLAGSTAFF, Ariz., July 10, 2018 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES) ("SenesTech" or the "Company"), a developer of proprietary technologies for managing animal pest populations through fertility control, today provided an informational update to stockholders regarding its rights offering and the key dates and terms relative to the offering. Certain holders as of the Record Date of the Company's warrants sold to investors in November 2017 and June 2018 are also eligible to participate in the rights offering on the same terms as the stockholders (together with all stockholders of record as of the Record Date, the "Eligible Holders"). Eligible Holders or interested parties are advised to direct all questions and informational requests to Maxim Group LLC as the dealer-manager, using the contact information listed below.
Under the proposed rights offering, SenesTech will distribute one non-transferable subscription right for each share of common stock held or deemed to be held on July 24, 2018 (the "Record Date"). The subscription rights are non-transferable and may only be exercised during the anticipated subscription period of Wednesday, July 25, 2018 through 5:00 PM ET on Wednesday, August 8, 2018, unless extended by SenesTech. Further terms will be announced prior to the start of the subscription period.
The expected calendar for the rights offering is as follows:
- Friday, July 20, 2018: Ownership Day — date of new share acquisition in order to be considered a stockholder of record on Tuesday, July 24, 2018.
- Tuesday, July 24, 2018: Record Date
- Wednesday, July 25, 2018: Distribution Date; Subscription Period Begins
- August 8, 2018: Subscription Period Ends at 5:00 PM ET (unless extended at SenesTech's sole discretion)
Eligible Holders who exercise their subscription rights in full will be entitled, if available, to subscribe for additional shares of Common Stock that remain available after the exercise of subscription rights of all other Eligible Holders, on a pro rata basis and subject to ownership limitations as described in the Prospectus.
SenesTech has engaged Maxim Group LLC as dealer-manager in the offering. Questions about the rights offering or requests for copies of the preliminary and final prospectuses, when available, may be directed to Maxim Group LLC at 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, or via email at firstname.lastname@example.org or telephone at (212) 895-3745.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the subscription rights or the underlying Common Stock, nor will there be any sale of the subscription rights or the underlying Common Stock in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The rights offering, which is expected to commence following the effectiveness of the registration statement, is being made only by means of a written prospectus. A preliminary prospectus relating to and describing the proposed terms of the rights offering has been filed with the SEC as a part of the registration statement and is available on the SEC's website at https://www.sec.gov/Archives/edgar/data/1680378/000161577418005460/s110887_s1.htm .
SenesTech has developed and is in the process of commercializing a proprietary technology for managing animal pest populations, primarily rat populations, through fertility control. For more information visit the SenesTech website at www.senestech.com.
Safe Harbor Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors and other risks identified in our filings with the Securities and Exchange Commission. Forward-looking statements include but are not limited to, our expectations regarding the timing and completion of the rights offering. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.
SOURCE SenesTech, Inc.