Acasti Pharma Inc. announced that it has entered into a securities purchase agreement with certain institutional and accredited investors to issue 1,951,371 of the company's common shares, no par value per share at a purchase price of $1.848 per common share and pre-funded warrants to purchase up to 2,106,853 common shares at a purchase price equal to the purchase price per Common Share less $0.0001 on September 24, 2023. Each Pre-funded warrant will be exercisable for one Pre-funded warrant share at an exercise price of $0.0001 per Pre-funded warrant share, will be immediately exercisable and will expire once exercised in full. Pursuant to the Purchase Agreement, the company also issued to such institutional and accredited investors common warrants and, together with the Pre-funded warrants, to purchase common shares, exercisable for an aggregate of 2,536,391 common shares and, together with the Pre-Funded warrant shares.

Each whole Common Warrant is exercisable for one Common Warrant Share at an exercise price of $3.003 per Common Warrant Share, will be immediately exercisable and will expire on the earlier of (i) the 60th day after the date of the acceptance by the U.S. Food and Drug Administration of a New Drug Application for the Company's product candidate GTX-104 or (ii) five years from the date of issuance. The Common Warrants were offered and sold at a purchase price of $0.125 per whole underlying Common Warrant Share, which purchase price is included in the offering price per Common Share and Pre-funded Warrant issued in the offering. The transaction will include participation from new investors, S S Pharma Llc and Shore Pharma Llc.

The net proceeds to the Company from the Offering is approximately $7.3 million, after deducting fees and expenses. The Common Shares, the Warrants, and the Warrant Shares have not been registered under the Securities Act of 1933, as amended. The company will issue securities pursuant to exemption provided under Regulation D.