Biofrontera Inc. Announces Exercise of Existing Warrants and Issuance of Warrants in Private Placement

WOBURN, Mass., July 27, 2022 (GLOBE NEWSWIRE) -- Biofrontera Inc. (Nasdaq:BFRI), a biopharmaceutical company specializing in the commercialization of dermatological products, announced today it has entered into agreements with certain of its holders of its existing warrants for 2,857,143 shares of its common stock, in the aggregate. Pursuant to the agreement such holders will promptly exercise their warrants in full, in accordance with their terms, including any beneficial ownership limitations. In return, the strike price was reduced by the Company from $5.25 to $1.62 per share and the Company agreed to issue in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), new warrants to purchase up to 4,285,715 shares of its common stock. The new warrants have a strike price of $1.66 per share of common stock and will be exercisable six months from the date of issuance. The aggregate gross proceeds from the exercise of the existing warrants and the issuance of the new warrants are expected to total approximately $4.69 million, before deducting the financial advisory fees.