NexGel, Inc.Announces Closing of $ 14.2 Million Initial Public Offering


LANGHORNE, Pennsylvania., Dec. 27 2021 / PRNewswire / – NexGel, Inc. (“NEXGEL” or the “Company”) (NASDAQ: NXGL, NXGLW), a manufacturer of high water content electron beam crosslinked aqueous polymer hydrogels or gels used in wound care, medical diagnostics, transdermal drug delivery and cosmetics , today announced the closing of its initial public offering of 2,585,000 shares of its common stock and associated warrants to purchase up to 2,585,000 common shares. Each common share was sold with a warrant to purchase one common share with an exercise price of $ 5.50 per share at a combined offer price of $ 5.50, for a gross product of approximately $ 14.2 million, before deduction of subscription discounts and offering fees. In addition, NexGel has granted the underwriters a 45-day option to purchase up to 387,750 additional common shares and / or warrants to purchase 387,750 common shares to cover the over-allotments at the initial public offering price, less the subscription surrendered, of which Maxim Group LLC exercised its option to purchase 387,750 additional warrants.

Common shares and warrants began trading on the Nasdaq Capital Market on 22 December 2021, under the symbols “NXGL” and “NXGLW”, respectively.

The Company intends to use the net proceeds of the offering for general corporate purposes, including the marketing and development of their gels, consumer products, NEXDrape and other product initiatives, the fund of turnover, operating expenses and capital expenses. A portion of the net proceeds may also be used to finance potential acquisitions or other strategic investments, although NexGel currently has no commitments or agreements to complete such acquisitions or make such investments.

Maxim Group LLC acted as sole accounting manager in connection with the offer.

A registration statement on Form S-1 (File Nos. 333-260897 and 333-261821) has been filed with the Securities and Exchange Commission (“SEC”), which came into effect on December 21, 2021. A final prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. The offer was made only by means of a prospectus forming part of the actual registration statement. Electronic copies of the prospectus relating to this offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3745. Before investing in this offering, interested parties should read the entire registration statement that the Company has filed with the SEC, which provides additional information about the Company and this offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal. before registration or qualification. under the securities laws of any such state or jurisdiction.

About NexGel, Inc.
NEXGEL is a leading supplier of ultra-soft, high water content hydrogels for healthcare and consumer applications. Situated at Langhorne, Pennsylvania., the company has developed and manufactured electron beam crosslinked hydrogels for more than two decades. Alongside its strategic partners, NEXGEL has formulated over 200 different combinations to bring natural ingredients to soft skin patches that can be worn for long periods of time with little to no irritation.

Forward-looking statements

This press release contains forward-looking statements, particularly with regard to the use of the products. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including market and other conditions and that the conditions for closing the initial public offering may not be met. The Company does not undertake to update these forward-looking statements after the date hereof to comply with actual results or changes in expectations, except as required by law.

Investor contacts:
Valter pinto / Nick staab
KCSA strategic communication
212.896.1254 / 212.896.1254
[email protected] / [email protected]

SOURCE NEXGEL


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