BioLineRx Ltd. is offering 480,696 ADSs at $2.78 each and pre-funded warrants for up to 868,225 ADSs at $2.7799 each, targeting approximately $3.3 million net. Investors face broad management discretion over proceeds, while the pre-funded warrants have no established trading market and may carry limited liquidity.

Key Highlights

  • BioLineRx is offering 480,696 ADSs at $2.78 each to a certain institutional investor.
  • The ADSs represent 288,417,600 ordinary shares, and pre-funded warrants represent up to 520,935,000 ordinary shares.
  • Estimated net proceeds are approximately $3.3 million after estimated offering expenses, excluding proceeds from exercising the warrants.

The issuer estimates approximately $3.3 million in net proceeds. The ADSs represent 288,417,600 ordinary shares, while the pre-funded warrants represent up to 520,935,000 ordinary shares. BioLineRx (NASDAQ: BLRX) intends to use the net proceeds for research and development, Working Capital and general corporate purposes.

ADS And Warrant Structure

Each ADS represents 600 ordinary shares. The offering is being made to a certain institutional investor.

The pre-funded warrants provide the right to acquire up to 868,225 ADSs. Those ADSs correspond to as many as 520,935,000 ordinary shares.

BioLineRx’s ordinary shares have a Par Value of NIS 0.10 per share.

Restricted And Performance Units

Restricted stock units and performance stock units represent another 58,482,000 ordinary shares, or 97,470 ADSs. Their exercise prices range from $0 to $0.03 for ordinary shares and from $0 to $18.38 for ADSs.

Use of Proceeds

The company says the amount and timing of the use of the net proceeds will depend on cash generated or used by operations and the rate of Business growth, if any. Management retains broad discretion over allocation, and the proceeds could be used differently as needs evolve.

Warrants Lack Public Market

BioLineRx does not intend to seek a Nasdaq or other exchange listing for those instruments, and Liquidity will be limited without an active market. The company says pre-funded warrants may never be exercised, while warrants could expire without exercise.

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