Silo Pharma Announces $2.1M Direct Offering Priced At Market Under Nasdaq Rules

SARASOTA, FL, July 19, 2024 - Silo Pharma, Inc. (Nasdaq: SILO), a developmental stage biopharmaceutical company, has announced definitive agreements for the purchase and sale of 763,638 shares of common stock at $2.75 per share in a registered direct offering priced at-the-market under Nasdaq rules. Additionally, the company will issue unregistered warrants to purchase up to 763,638 shares of common stock with an exercise price of $2.75 per share. These warrants will be immediately exercisable upon issuance and will expire five years later. The offering is expected to close around July 22, 2024, subject to customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to Silo Pharma from this offering are estimated to be approximately $2.1 million before deducting placement agent fees and other related expenses. The company plans to use the net proceeds from the offering for working capital and general corporate purposes.

The common stock, but not the unregistered warrants or the shares underlying the unregistered warrants, is being offered by Silo Pharma under a “shelf” registration statement on Form S-3 (File No. 333-276658), which was declared effective by the Securities and Exchange Commission (SEC) on January 30, 2024. The offering of these shares will be made only by means of a prospectus, including a prospectus supplement, forming part of the effective registration statement. A final prospectus supplement and accompanying prospectus related to the registered direct offering will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus, when available, can be obtained on the SEC’s website.

The unregistered warrants are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 and/or Regulation D. These warrants and the underlying shares of common stock have not been registered under the Securities Act or applicable state securities laws. Therefore, they may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

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