Nocopi Technologies Enters Into Private Placement to Further Increase Cash Position

KING OF PRUSSIA, Pa., Aug. 05, 2022 (GLOBE NEWSWIRE) -- Nocopi Technologies, Inc. (OTCPink:NNUP), a developer of specialty reactive inks today announced that on August 1, 2022 the company entered into a stock purchase agreement (“Purchase Agreement”) in connection with a private placement for total gross proceeds of $3.5 million. The Purchase Agreement provides for the issuance of an aggregate of 2,500,000 shares of the Company’s common stock to two investors at a purchase price of $1.40 per share, as adjusted for the Company’s contemplated one-for-ten (1:10) reverse stock split of the Company’s common stock, par value $0.01 per share. The shares to be sold in the Purchase Agreement were priced at-the-market based on the volume weighted average price of Nocopi shares of approximately $0.14 during the 21-day period ending on July 29, 2022. In connection with this transaction, Nocopi did not incur any placement fees or commissions.