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PainReform Prices 2.5M Unit IPO At $8/Unit

HERZLIYA, ISRAEL / ACCESSWIRE / September 1, 2020 / PainReform Ltd. (NasdaqCM:PRFX) ("PainReform" or the "Company"), a clinical stage specialty pharmaceutical company focused on the reformulation of

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HERZLIYA, ISRAEL / ACCESSWIRE / September 1, 2020 / PainReform Ltd. (NasdaqCM:PRFX) ("PainReform" or the "Company"), a clinical stage specialty pharmaceutical company focused on the reformulation of established therapeutics, today announced the pricing of its initial public offering of 2,500,000 units at a price of $8.00 per unit. Each unit consists of one Ordinary Share and one Warrant to purchase one Ordinary Share. The Ordinary Shares and Warrants are immediately separable from the units and will be issued separately. The Ordinary Shares have been approved to list on the Nasdaq Capital Market under the symbol "PRFX" and are expected to begin trading on September 1, 2020. PainReform expects to receive gross proceeds of approximately $20.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

The Warrants are exercisable immediately, expire five years from the date of issuance and will have an exercise price of $8.80 per share. The offering is expected to close on September 3, 2020, subject to customary closing conditions.

Maxim Group LLC and Joseph Gunnar & Co., LLC are acting as joint book-runners for the offering.

PainReform has granted the underwriters a 45-day option to purchase up to an additional 375,000 Ordinary Shares and/or Warrants to purchase 375,000 Ordinary Shares, or any combination thereof, to cover over-allotments, if any.

The offering is being conducted pursuant to the Company's registration statement on Form F-1 (File No. 333-239576) previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). A prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any security in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.