Lantern Pharma prices $4 million offering of stock and pre-funded warrants at $1.09
The Dallas biotech is selling 1,469,725 shares at $1.09 each alongside pre-funded warrants priced at $1.0899, with net proceeds earmarked for working capital.
Lantern Pharma Inc. priced a registered direct offering on September 28, 2026, covering 1,469,725 shares of common stock at an offering price of $1.09 per share1. Alongside the shares, the company is offering pre-funded warrants: the per-pre-funded-warrant offering price is $1.0899, compared to $1.09 per share of common stock, with total gross proceeds listed at $3,999,780.251. The pre-funded warrant option is available to purchasers whose purchase of shares would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the holder, 9.99%) of outstanding shares immediately following the offering1.
In a concurrent private placement, Lantern is also issuing warrants to purchase up to 3,669,725 shares of common stock at an exercise price of $1.09 per share1 to the same purchasers, though these purchase warrants will become exercisable upon receipt of shareholder approval of the issuance of the shares of common stock issuable upon exercise of the purchase warrants1.
Rodman & Renshaw LLC is acting as exclusive placement agent, earning a cash fee equal to 7% of the aggregate gross proceeds received for the securities sold in this offering1. Lantern estimates net proceeds of approximately $3.60 million1, which the company said it intends to use for working capital and general corporate purposes1. Delivery of the securities is expected to be made on or about September 30, 2026, subject to satisfaction of certain customary closing conditions1.
The filing also disclosed that on September 25, 2026, Lantern received a notice of delisting or failure to satisfy a continued listing rule from the Nasdaq, as the market value of listed securities for its common stock had been below the minimum requirement of $35,000,000 for the last 30 consecutive business days1. The company has 180 calendar days following the date of the notice, or until March 24, 2027, to regain compliance1.
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