Lightwave Logic Announces $ 33.0 Million Funding Agreement with Lincoln Park Capital Fund
ENGLEWOOD, Col., October 7, 2021 / PRNewswire / – Lightwave Logic, Inc. (NASDAQ: LWLG), a technology platform company leveraging its proprietary electro-optical (EO) polymers to transmit data at higher speeds with less power, entered his 5e with Lincoln Park Capital Fund, LLC (“LPC”), a Chicagobased institutional investor. LPC is a long-time investor in Lightwave Logic and first invested in Lightwave Logic in 2011. LPC bought $ 3 million common shares at closing, which were sold to $ 9.16/to share.
Under the Purchase Agreement, Lightwave Logic will have the right, but not the obligation, to sell up to a $ 30.0 million of its common stock at Lincoln Park over a 36-month period. Lightwave Logic will control the timing and amount of all sales to Lincoln Park with no upper price limit. Lincoln Park can pay to buy these common stocks. The purchase agreement may be terminated by Lightwave Logic at any time, in its sole discretion, without any additional cost or penalty.
Jim marcelli, President and COO of Lightwave Logic, said, “While we are comfortable with our current cash position of approximately $ 15 million and burn rate, this funding gives us additional flexibility as we move forward to commercialize our products.
“The Lincoln Park facility allows us to seek capital in a timely manner, in addition to our recording on the S-3 set which offers the possibility of additional financing alternatives. We believe that maintaining this option is essential to fund the business in a way that helps create long-term value for our shareholders, ”said Marcelli.
A description of the purchase contract is presented in the company’s current report on Form 8-K, which the company filed with the SEC on Tuesday, October 5, 2021.
About Lightwave Logic, Inc.
Lightwave Logic, Inc. (NASDAQ: LWLG) is developing a platform that leverages its proprietary electro-optical (EO) polymers to transmit data at higher speeds with less power. The Company’s high activity and high stability organic polymers enable Lightwave Logic to create next-generation EO photonic devices, which convert data from electrical signals to optical signals, for applications in the data communications and communications markets. telecommunications. For more information, please visit the company’s website at lightwavelogic.com.
Safe Harbor Declaration
The information published in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify such statements by using the words “may”, “will”, “should”, “” “explore “,” Expect “,” anticipate “,” continue “,” estimate “,” plan “,” intend “and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the lack of available funding; general economic and commercial conditions; competition from third parties; intellectual property rights of third parties; regulatory constraints ; changes in technology and marketing methods; delays in the completion of various engineering and manufacturing programs; changes in customer ordering patterns; changes in the product line; the success of technological advances and the implementation of technological innovations; component shortages; production delays due to performance quality issues with subcontracted components; the events and factors we describe in Item 1.A “Risk Factors” of our most recent Form 10-K; other risks to which our Company is subject; other factors beyond the control of the Company.
Investor Relations Contact:
Greg Falesnik or Luke Zimmerman
MZ Group – MZ North America
SOURCE Lightwave Logic, Inc.