Silo Pharma Completes Public Offering Of 3.33M Shares & Warrants At $0.60 Per Share, Raising $2M For Growth Initiatives

Silo Pharma, Inc. (NASDAQ:SILO) ("Silo" or the "Company"), a developmental stage biopharmaceutical company focused on novel therapeutics and drug delivery systems, closed on the previously announced public offering of 3,333,338 shares of common stock (or pre-funded warrants in lieu thereof), together with series A-1 warrants ("Series A-1 Warrants") to purchase up to 3,333,338 shares of common stock and series A-2 warrants ("Series A-2 Warrants") to purchase up to 3,333,338 shares of common stock at a combined public offering price of $0.60 per share (or pre-funded warrant in lieu thereof) and associated Series A-1 Warrant and Series A-2 Warrant. The Series A-1 Warrants have an exercise price of $0.60 per share, are exercisable upon issuance and expire five years thereafter. The Series A-2 Warrants have an exercise price of $0.60 per share, are exercisable upon issuance and expire eighteen months thereafter.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering were approximately $2 million, before deducting the placement agent's fees and other offering expenses payable by the Company.  The Company intends to use the net proceeds from this offering for general working capital purposes.