{"id":508167,"date":"2021-06-30T08:15:49","date_gmt":"2021-06-30T12:15:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/check-cap-ltd-announces-35-million-registered-direct-offering\/"},"modified":"2021-06-30T08:15:49","modified_gmt":"2021-06-30T12:15:49","slug":"check-cap-ltd-announces-35-million-registered-direct-offering","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/check-cap-ltd-announces-35-million-registered-direct-offering\/","title":{"rendered":"Check-Cap Ltd. Announces $35 Million Registered Direct Offering"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>ISFIYA, <span class=\"xn-location\">Israel<\/span>, <span class=\"xn-chron\">June 30, 2021<\/span> \/PRNewswire\/ &#8212; <u>Check-Cap Ltd.<\/u>\u00a0(the &#8220;Company&#8221; or &#8220;Check-Cap&#8221;) (NASDAQ: CHEK), (NASDAQ: CHEKZ), a clinical stage medical diagnostics company advancing the development of C-Scan\u00ae, the\u00a0first and only\u00a0patient-friendly, preparation-free\u00a0screening test, to detect polyps\u00a0before\u00a0they may transform into colorectal cancer (CRC), today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 25,925,926 of the Company&#8217;s ordinary shares and accompanying short-term warrants to purchase up to an aggregate of 25,925,926 of the Company&#8217;s ordinary shares in a registered direct offering. Each ordinary share is being sold together with one short-term warrant to purchase one ordinary share at a combined offering price of\u00a0$1.35\u00a0per ordinary share and accompanying warrant. The short-term warrants will have a term of two and one-half years following the date of issuance, be exercisable immediately and have an exercise price of <span class=\"xn-money\">$1.50<\/span> per ordinary share. The registered direct offering is expected to close on or about\u00a0July 2, 2021, subject to satisfaction of customary closing conditions.<\/p>\n<div id=\"prni_dvprnejpgfe97left\" dir=\"ltr\">\n        <img decoding=\"async\" id=\"prnejpgfe97left\" title=\"Check_Cap_Logo\" border=\"0\" alt=\"Check_Cap_Logo\" align=\"middle\" src=\"https:\/\/mma.prnewswire.com\/media\/820848\/Check_Cap_Logo.jpg\" \/>\n      <\/div>\n<p>H.C. Wainwright &amp; Co. is acting as the exclusive placement agent for the offering.<\/p>\n<p>The gross proceeds to Check-Cap from this offering, before deducting the placement agent&#8217;s fees and other offering expenses and excluding any proceeds that may be received upon exercise of the warrants to purchase ordinary shares, are expected to be approximately <span class=\"xn-money\">$35 million<\/span>. Full exercise of the warrants would generate additional gross proceeds of approximately <span class=\"xn-money\">$38.9 million<\/span> to Check-Cap, less placement agent&#8217;s fees, if any. <\/p>\n<p>Check-Cap currently intends to use the net proceeds from this offering to advance the ongoing clinical development of C-Scan\u00ae, including the Company&#8217;s U.S. pivotal study, and for general corporate purposes.<\/p>\n<p>The securities described above are being offered by Check-Cap pursuant to a &#8220;shelf&#8221; registration statement on Form F-3 (File No. 333- 225789) previously filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on\u00a0June 21, 2018, as amended,\u00a0and declared effective by the SEC on\u00a0July 16, 2018. The offering of the securities will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.\u00a0 A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC.\u00a0 Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, on the SEC&#8217;s website at\u00a0<a target=\"_blank\" href=\"http:\/\/www.sec.gov\/\" rel=\"nofollow noopener\">http:\/\/www.sec.gov<\/a> or by contacting H.C. Wainwright &amp; Co., LLC at 430 Park Avenue, 3rd Floor, <span class=\"xn-location\">New York, NY<\/span> 10022, by e-mail:\u00a0<a target=\"_blank\" href=\"mailto:placements@hcwco.com\" rel=\"nofollow noopener\">placements@hcwco.com<\/a> or by telephone: (212) 856-5711.<\/p>\n<p>This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities described herein, nor shall there be any sale of these securities in any state or 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.<\/p>\n<p>\n        <b>About Check-Cap<\/b>\n      <\/p>\n<p>Check-Cap is a clinical stage medical diagnostics company aiming to redefine colorectal cancer (CRC)\u00a0screening through the introduction of C-Scan\u00ae, the\u00a0first and only\u00a0patient-friendly preparation-free\u00a0screening test to detect polyps\u00a0before\u00a0they may transform into colorectal cancer to enable early intervention and cancer prevention. The Company&#8217;s\u00a0disruptive\u00a0capsule-based\u00a0screening technology aims to significantly increase\u00a0screening adherence\u00a0worldwide and help millions of people to\u00a0stay healthy through preventive CRC screening. C-Scan uses an ultra-low dose X-ray capsule, an integrated positioning, control and recording system, as well as proprietary software to generate a 3D map of the inner lining of the colon as it travels naturally along the gastrointestinal tract. C-Scan is non-invasive and requires no sedation. Unlike other capsule technologies, it requires no bowel preparation, allowing the patients to continue their daily routine with no interruption. C-Scan is not intended to replace colonoscopy. A positive C-Scan result should be followed by colonoscopy.<\/p>\n<p>\n        <b>Legal Notice Regarding Forward-Looking Statements<\/b>\n      <\/p>\n<p>This press release contains &#8220;forward-looking statements.&#8221; Words such as &#8220;may,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;predicts,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; and similar expressions, as well as statements in future tense, often signify forward-looking statements. Forward looking statements in the press release include, but not limited to, statements regarding the completion of the registered direct offering, the satisfaction of customary closing conditions related to the registered direct offering and the intended use of net proceeds from the registered direct offering. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management&#8217;s good faith belief as of that time with respect to future events, and are subject to risks, changes in market conditions and other uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. For a discussion of these and other risks that could cause such differences and that may affect the realization of forward-looking statements, please refer to the &#8220;Forward-looking Statements&#8221; and &#8220;Risk Factors&#8221; in the Company&#8217;s Annual Report on Form 20-F for the year ended <span class=\"xn-chron\">December 31, 2020<\/span> and other filings with the Securities and Exchange Commission (SEC). Investors and security holders are urged to read these documents free of charge on the SEC&#8217;s web site at <a href=\"http:\/\/www.sec.gov\" rel=\"nofollow\">http:\/\/www.sec.gov<\/a>. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.<\/p>\n<p>\n        <b>Investor Contacts<\/b>\n      <\/p>\n<p>\n        <span class=\"xn-person\">Irina Koffler<\/span><br \/>\n        <br \/>LifeSci Advisors, LLC<br \/>646.970.4681<br \/><a target=\"_blank\" href=\"mailto:ikoffler@lifesciadvisors.com\" rel=\"nofollow noopener\">ikoffler@lifesciadvisors.com<\/a><\/p>\n<p>Meirav Gomeh-Bauer<br \/>LifeSci Advisors, LLC<br \/>+972(0)-54-476-4979 <br \/><a target=\"_blank\" href=\"mailto:Meirav@lifesciadvisors.com\" rel=\"nofollow noopener\">Meirav@lifesciadvisors.com<\/a><\/p>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO28841&amp;sd=2021-06-30\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/check-cap-ltd-announces-35-million-registered-direct-offering-301323099.html\">https:\/\/www.prnewswire.com\/news-releases\/check-cap-ltd-announces-35-million-registered-direct-offering-301323099.html<\/a><\/p>\n<p>SOURCE  Check-Cap Ltd.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=IO28841&amp;Transmission_Id=202106300812PR_NEWS_USPR_____IO28841&amp;DateId=20210630\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire ISFIYA, Israel, June 30, 2021 \/PRNewswire\/ &#8212; Check-Cap Ltd.\u00a0(the &#8220;Company&#8221; or &#8220;Check-Cap&#8221;) (NASDAQ: CHEK), (NASDAQ: CHEKZ), a clinical stage medical diagnostics company advancing the development of C-Scan\u00ae, the\u00a0first and only\u00a0patient-friendly, preparation-free\u00a0screening test, to detect polyps\u00a0before\u00a0they may transform into colorectal cancer (CRC), today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 25,925,926 of the Company&#8217;s ordinary shares and accompanying short-term warrants to purchase up to an aggregate of 25,925,926 of the Company&#8217;s ordinary shares in a registered direct offering. Each ordinary share is being sold together with one short-term warrant to purchase one ordinary share at a combined offering price of\u00a0$1.35\u00a0per ordinary share and accompanying warrant. The &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/check-cap-ltd-announces-35-million-registered-direct-offering\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Check-Cap Ltd. Announces $35 Million Registered Direct Offering&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-508167","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Check-Cap Ltd. Announces $35 Million Registered Direct Offering - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/check-cap-ltd-announces-35-million-registered-direct-offering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Check-Cap Ltd. Announces $35 Million Registered Direct Offering - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire ISFIYA, Israel, June 30, 2021 \/PRNewswire\/ &#8212; Check-Cap Ltd.\u00a0(the &#8220;Company&#8221; or &#8220;Check-Cap&#8221;) (NASDAQ: CHEK), (NASDAQ: CHEKZ), a clinical stage medical diagnostics company advancing the development of C-Scan\u00ae, the\u00a0first and only\u00a0patient-friendly, preparation-free\u00a0screening test, to detect polyps\u00a0before\u00a0they may transform into colorectal cancer (CRC), today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 25,925,926 of the Company&#8217;s ordinary shares and accompanying short-term warrants to purchase up to an aggregate of 25,925,926 of the Company&#8217;s ordinary shares in a registered direct offering. Each ordinary share is being sold together with one short-term warrant to purchase one ordinary share at a combined offering price of\u00a0$1.35\u00a0per ordinary share and accompanying warrant. The &hellip; Continue reading &quot;Check-Cap Ltd. 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Announces $35 Million Registered Direct Offering - Market Newsdesk","og_description":"PR Newswire ISFIYA, Israel, June 30, 2021 \/PRNewswire\/ &#8212; Check-Cap Ltd.\u00a0(the &#8220;Company&#8221; or &#8220;Check-Cap&#8221;) (NASDAQ: CHEK), (NASDAQ: CHEKZ), a clinical stage medical diagnostics company advancing the development of C-Scan\u00ae, the\u00a0first and only\u00a0patient-friendly, preparation-free\u00a0screening test, to detect polyps\u00a0before\u00a0they may transform into colorectal cancer (CRC), today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 25,925,926 of the Company&#8217;s ordinary shares and accompanying short-term warrants to purchase up to an aggregate of 25,925,926 of the Company&#8217;s ordinary shares in a registered direct offering. Each ordinary share is being sold together with one short-term warrant to purchase one ordinary share at a combined offering price of\u00a0$1.35\u00a0per ordinary share and accompanying warrant. The &hellip; Continue reading \"Check-Cap Ltd. 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