On December 14, 2022, NLS Pharmaceutics (NASDAQ:NLSP,)(NASDAQ:NLSPW) announced the closing of its previously publicized purchase agreement with BVF Partners L.P. (“BVF”) comprised of an initial closing of $10 million in exchange for 11,494,253 common shares (or equivalents), representing a purchase price per share of $0.87.

As part of the financing, in a second potential closing, BVF will have the right, following a successful end of phase 2 meeting with the U.S. Food and Drug Administration (“FDA”), among other closing conditions, to purchase units at a per unit purchase price of $1.50, which units will consist of common shares (or equivalents), as well as a common share warrant to purchase up to one and a half common shares at an exercise price of $2.03 per share. If this option is exercised in full, BVF will receive 20 million common shares plus common share warrants to purchase 20 million NLS common shares at $2.03 per share.

 Laidlaw & Company (UK) Ltd. acted as exclusive introducing broker for the offering.