SOLANA BEACH, Calif. and REDWOOD CITY, Calif., May 26, 2023 (GLOBE NEWSWIRE) — eFFECTOR Therapeutics, Inc. (NASDAQ: EFTR), a leader in the development of selective translation regulator inhibitors (STRIs) for the treatment of cancer, today announced that it has entered into a definitive agreement with a single healthcare-focused institutional investor for the purchase and sale of an aggregate of 11,450,382 shares of its common stock (or common stock equivalents in lieu thereof), at a purchase price of $0.655 per share (or common stock equivalent in lieu thereof), in a registered direct offering priced at-the-market under Nasdaq rules. The Company has also agreed to issue in a concurrent private placement unregistered warrants to purchase up to an aggregate of 11,450,382 shares of common stock. The unregistered warrants will have an exercise price of $0.53 per share, will be immediately exercisable upon issuance, and will expire five and one-half years from the date of issuance. The closing of the offering is expected to occur on or about May 31, 2023, subject to the satisfaction of customary closing conditions.
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