Dermata Therapeutics announces $1.8M offering priced ATM

Dermata Therapeutics (NASDAQ:DRMA) has entered into a definitive agreement for the purchase and sale of an aggregate of ~0.8M shares of its common stock, at a purchase price of $2.285/share, in a registered direct offering priced ATM under Nasdaq rules.
The Co. has also agreed to issue to each investor, in a concurrent private placement, warrants to purchase up to an aggregate of 800,877 shares of common stock.
The warrants will have an exercise price of $2.16/share and will expire five and one-half years from the date of issuance.
The gross proceeds are expected to be ~$1.8M and the Co. intends to use the net proceeds for general corporate purposes and to the development of emerging technologies, investing in or acquiring companies that are developing emerging technologies.
The closing date is expected to be on or about May 26, 2023.