Cardax Announces Successful Completion of Warrant Exchange Offer
HONOLULU, July 30, 2018 /PRNewswire/ -- Cardax, Inc. (OTCQB: CDXI) announced today that it successfully closed its warrant exchange offer ("Exchange Offer") on Friday, July 27, 2018, at 5:00 p.m., Eastern Daylight Time. The Exchange Offer allowed holders of Cardax $0.625 warrants expiring in February 2019 to exchange those warrants, together with a payment of $0.15 per share, for registered shares of the Company's common stock.
9.6 million warrants were exchanged pursuant to the Exchange Offer and resulted in gross proceeds to the Company of $1.44 million. The Company plans to use the proceeds for general corporate purposes, including its ZanthoSyn® sales and marketing program as well as its clinical development and orphan drug programs.
"We are pleased to complete this non-dilutive financing transaction," said David G. Watumull, Cardax President and CEO. "As always, we are grateful to our shareholders for their continued support."
M.M. Dillon & Co. Group LLC acted as financial advisor and CIM Securities, LLC acted as solicitation agent for this transaction.
Cardax devotes substantially all of its efforts to developing and commercializing dietary supplements and pharmaceuticals. Cardax is initially focusing on astaxanthin, which is a powerful and safe naturally occurring anti-inflammatory that supports health and longevity.* The safety and efficacy of Cardax's products have not been directly evaluated in clinical trials or confirmed by the FDA.
ZanthoSyn® is a physician recommended anti-inflammatory supplement for health and longevity that features astaxanthin with enhanced absorption and purity.* ZanthoSyn® is sold online and in GNC stores. ZanthoSyn® contains astaxanthin, which is Generally Recognized as Safe (GRAS) according to FDA regulations.
Astaxanthin is a clinically studied compound with safe anti-inflammatory activity that supports joint health, cardiovascular health, metabolic health, liver health, and longevity.*
Media and Investors
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