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Item 8.01 Other Events.
On April 3, 2024, the Board of Directors of the Citius Pharmaceuticals, Inc. (the “Company”) approved an extension by one year to April 5, 2025 for warrants to purchase an aggregate of 1,294,498 shares of common stock, $0.001 par value per share, with an exercise price of $1.42 per share of common stock (the “Investor Warrants”). The Investor Warrants are held by Leonard Mazur, the Company’s Chief Executive Officer and Chairman of the Board of Directors, and Myron Holubiak, the Company’s Executive Vice President and member of the Board of Directors, and were originally issued in April 2019 in a private placement conducted simultaneously with a registered direct offering of shares of common stock (the “2019 Offering”) managed by H. C. Wainwright & Co., LLC (“Wainwright”). Mr. Mazur and Mr. Holubiak participated in the private placement on the same basis as all other investors. Additionally, 240,130 warrants with an exercise price of $1.9313 per share (the “Placement Agent Warrants” and together with the Investor Warrants, the “Warrants”) issued in connection with the 2019 Offering were extended by one year to April 5, 2025. Such Placement Agent Warrants are held by certain representatives of Wainwright or their assignees. The terms of the Warrants were previously extended in April 2021 to April 5, 2024. There are no other Warrants remaining outstanding from the 2019 Offering and if such Warrants are fully exercised, the Company would receive approximately $2.3 million in cash proceeds.
Except as set forth above, all other terms, conditions and rights of the Warrants remain in full force and effect, which were described in the Current Report on Form 8-K filed by the Company on April 3, 2019 (the “Original Form 8-K”). The foregoing descriptions of the Investor Warrants and the Placement Agent Warrants are not complete and are qualified in their entirety by reference to Exhibits 4.1 and 4.2, respectively, of the Original Form 8-K.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CITIUS PHARMACEUTICALS, INC. | |||
Date: | April 5, 2024 | /s/ Leonard Mazur | |
Leonard Mazur | |||
Chairman and Chief Executive Officer |
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