Scorpius Holdings, Inc. Provides Update on Previously Announced Public Offering

DURHAM, N.C., Aug. 9, 2024 (GLOBE NEWSWIRE) — Scorpius Holdings, Inc. (NYSE American: SCPX), (“Scorpius”, or the “Company”), an integrated contract development and manufacturing organization (CDMO), today announced a delay in its previously announced public offering. The Company has applied for, and the NYSE has approved, a financial viability exception to the NYSE American stockholder consent rules, allowing it to proceed with the closing of an underwritten public offering. The Company intends to seek the sale of 12,500,000 shares of its common stock (or pre-funded warrants (“Pre-Funded Warrants”) in lieu thereof, excluding the over-allotment Option) at a price of $1.00 per share (including the exercise price of the Pre-Funded Warrant). The underwriting agreement was terminated in connection with the previously announced offering and a new underwriting agreement will be entered into if the offering is consummated. There can be no assurance that the Company will be able to complete an offering hereunder or otherwise. The Company will comply with all applicable exemption provisions set forth in Section 710 of the NYSE American Company Guide, and a closing is intended to occur ten days after the mailing of a notice letter to the Company’s stockholders.

The Company intends to use the net proceeds from the offering to fund working capital and for general corporate purposes.