NEW YORK, NY / ACCESSWIRE / March 28, 2022 / Qrons Inc. (OTCQB:QRON), an innovative biotechnology company dedicated to developing next generation treatments for unmet neuronal diseases, using tissue engineering, stem cells and machine learning synergic technologies announced that the SEC declared effective its filing on March 18, 2022 of its Post- Effective Amendment to its Registration Statement filed on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") relating to an offering of up to 2.5 million shares of its common stock and resale of shares by certain named selling stockholders. The S-1 was originally filed on December 1, 2021, amended on January 3, 2022 and declared effective by the SEC on January 10, 2022.This post-effective amendment was filed to (i) include the Company's financial statements for the year ended December 31, 2021; and (ii) update certain other information in the prospectus.
The primary purpose of the offering is to raise capital to advance Qrons' technology in the field of neuronal diseases diseases as well as for a sales and marketing program, the filing of additional patents and for general working capital.
Included in the filing are certain covered selling shareholders of common stock and those holding convertible debt and warrants. None of the holders to date have converted or exercised their debt or warrants and in some cases have extended or have advised the Company of their desire to extend their debt. All common shares being registered for sale have long been eligible for sale under Rule 144 and are being registered for efficiency purposes and to enhance the Company's capital structure.
Jonah Meer, CEO of Qrons commented "This Prospectus serves two purposes- to raise funds to advance our research with the opportunities we see on the ground in Israel, and to clean up our shareholder holdings which will also serve to increase float as part of a long-term program to eventually uplist. Feedback from our shareholders and debtholders has been positive and supportive of the Company plans."
Qrons plans to continue working with its attorneys and accountants to do post filing amendments as required to keep the Registration Statement current and accurate for up to two years, if necessary.
About Qrons Inc.
Headquartered in New York City, with research centered in Israel, Qrons is an innovative biotechnology company dedicated to developing biotech products, treatments and technologies to combat neuronal diseases an enormous social and economic burden on society. Qrons' approach is to seek to engage in strategic arrangements with companies and institutions that are developing breakthrough technologies in the fields of artificial intelligence , machine learning , molecular biology, stem cells and tissue engineering, for deployment in the fight against neuronal diseases. Our search is focused on researchers based in Israel, a country which is world-renowned for biotech innovations.
Please visit https://www.qrons.com.
Forward-Looking Statement
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations, to attract and retain qualified professionals, technological obsolescence; general economic conditions; and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Contacts:
Qrons Inc.
Jonah Meer
Chief Executive Officer
212-945-2080
SOURCE: Qrons Inc.