Hancock Jaffe Laboratories (HJLI) Prices $5.1M Registered Direct Offering

Hancock Jaffe Laboratories, Inc. (NASDAQ: HJLI), a developer of medical devices that restore cardiac and vascular health, today announced the pricing of a registered direct offering of $5.1 million of its common stock and warrants to purchase shares of common stock in a concurrent private placement. The combined purchase price for one share of common stock and one warrant to purchase one share of common stock will be $0.535 which is priced at-the-market under Nasdaq rules.

Ladenburg Thalmann & Co. Inc. is acting as exclusive placement agent in connection with the offering.

The gross proceeds to the Company from the registered direct offering and concurrent private placement are expected to be approximately $5.1 million before deducting the placement agents' fees and other estimated offering expenses. The Company intends to use the net proceeds for the offering for the continued development of the Company's two lead products, VenoValve and the CoreoGraft, and for general corporate purposes, including working capital.

The warrants to purchase up to 9,532,709 shares of common stock have an exercise price of $0.41 per share, will be exercisable from the date of issuance, and will expire seven years from the date of issuance. The Company has agreed to file a registration statement registering the shares of common stock issuable upon exercise of the warrants within thirty days of the closing of the private placement.

The closing of the offering is expected to take place on or about October 9, 2020, subject to the satisfaction or waiver of customary closing conditions.

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