--- title: "Daré prices $6.0M registered direct with warrants on twice the shares" url: "https://aibio.space/news/dare-prices-6-0m-registered-direct-warrants-twice-shares/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-08-14" section: "Financings" tickers: "NASDAQ:DARE" source: "https://www.sec.gov/Archives/edgar/data/1401914/000149315226038649/ex99-1.htm" summary: "Daré Bioscience sold 4.38M shares at $1.37 and gave buyers two warrant series covering 8.76M more, while Nasdaq reviews its listing and cash runs into Q4." --- By the aibio.space news desk. Sources - [Daré Bioscience press release (SEC Form 8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1401914/000149315226038649/ex99-1.htm) - [Daré Form 424B5 prospectus supplement](https://www.sec.gov/Archives/edgar/data/1401914/000149315226038646/form424b5.htm) - [Daré Form 8-K, August 2026](https://www.sec.gov/Archives/edgar/data/1401914/000149315226038649/form8-k.htm) - [Daré definitive proxy statement, special meeting](https://www.sec.gov/Archives/edgar/data/1401914/000149315226045977/formdef14a.htm) [DARE](https://aibio.space/companies/dare-bioscience/) 2026-08-14 # Daré prices $6.0M registered direct with warrants on twice the shares Tickers [DARE](https://aibio.space/companies/dare-bioscience/) Daré Bioscience sold 4.38M shares at $1.37 and gave buyers two warrant series covering 8.76M more, while Nasdaq reviews its listing and cash runs into Q4. ## Key facts - **Company**: Dare Bioscience, Inc. (NASDAQ: DARE) - **News type**: Financings - **Primary source**: [Daré Bioscience press release (SEC Form 8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1401914/000149315226038649/ex99-1.htm) *Two people shaking hands across a table. Photo: Kristin Hardwick, CC0, via StockSnap. The picture shows the field, not the companies named.* ## The offering Daré Bioscience, Inc. said on August 14, 2026 that it signed a securities purchase agreement with institutional investors for 4,379,581 shares of common stock, or pre-funded warrants in their place, at $1.37 a share and $1.3699 per pre-funded warrant. The registered direct offering is priced at the market under Nasdaq rules. The 8-K splits it into 4,085,687 shares and pre-funded warrants for 293,894 shares. Gross proceeds are about $6.0 million, and closing was expected on or about August 17, 2026. In a concurrent private placement, each investor also receives one Series A warrant and one Series B warrant per share or pre-funded warrant, with each series covering up to 4,379,581 shares. Both series have a $1.37 exercise price and cannot be exercised until stockholders approve, as Nasdaq rules may require. Series A warrants last five years from that approval and Series B warrants two years. The prospectus supplement says that without approval the common warrants will have no value. Daré agreed to hold a stockholder meeting within 90 days after the warrants are issued, and every 60 days after that until approval is won. On a fundamental transaction, holders can require cash equal to the Black-Scholes value of unexercised warrants. ## Agent, fees and shelf Ladenburg Thalmann & Co. Inc. is the exclusive placement agent, on a reasonable best efforts basis. It receives a 7.0% cash fee, reimbursement of up to $105,000 and agent warrants for 4.0% of the shares and pre-funded warrants sold, at $2.12 a share for five years. The prospectus table shows fees of $419,999.76 against $5,999,996.58 of gross proceeds, leaving $5,579,996.82 before other expenses. Sheppard Mullin Richter & Hampton LLP gave the opinion on the legality of the shares and pre-funded warrants. The company says it will use the money for working capital and general corporate purposes, including its 503B compounding and consumer health strategies and research and development. The registered securities are sold off a shelf, File No. 333-278380, declared effective May 10, 2024. Under the baby-shelf rule the company may not sell more than $10,985,924 in any 12 months while its public float, $32,957,771 at $2.17 on June 18, 2026, stays below $75.0 million. The last reported sale price on August 13, 2026 was $1.37. ## Dilution and listing The prospectus counts 15,169,502 shares outstanding at June 30, 2026. The common warrants cover 8,759,162 shares and the agent warrants 175,183 more. A proxy statement filed October 6, 2026 sets a special meeting for November 10, 2026 to approve share issuance on exercise of the warrants, and reports 19,669,083 shares outstanding on the September 30 record date. On July 13, 2026 Nasdaq's listing staff sent a delisting determination letter because the March 31 quarterly report showed stockholders' equity below the exchange's minimum and the company met none of the alternatives. Daré requested a hearing, which stays the suspension, and the prospectus says the hearing was set for late August 2026. The company lists failure to keep its Nasdaq listing among its risks. ## Cash and the business The company reported $12.6 million of cash and cash equivalents at June 30, 2026. It says its cash should fund operations, including the planned launch of DARE to PLAY, into the fourth quarter of 2026, and that these circumstances raise substantial doubt about its ability to continue as a going concern. Its grant funds can be spent only on grant-funded projects. Daré says DARE to PLAY Sildenafil Cream, a compounded product under Section 503B, became available for pre-order fulfillment in December 2025. It expects revenue to begin in the third quarter of 2026 and not to be material during 2026. A consumer product, Flora Sync LF5, launched in June 2026. In the pivotal Phase 3 study of the contraceptive Ovaprene, an interim review in May 2026 showed approximately 9% of treated women had a pregnancy, and approximately 12% of participants stopped because of vaginal odor. The 10-K, filed March 26, 2026, reports a net loss of $13.4 million for 2025, against $4.1 million for 2024. Research and development expense was $5.5 million, against $14.3 million. Operations used $9.9 million of cash in 2025, after providing $5.5 million in 2024. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story DARE Dare Bioscience, Inc. NASDAQ · United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/dare-prices-6-0m-registered-direct-warrants-twice-shares/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Daré prices $6.0M registered direct with warrants on twice the shares", 2026-08-14, https://aibio.space/news/dare-prices-6-0m-registered-direct-warrants-twice-shares/