AIkido Pharma Inc. Announces Exercise of Option to Purchase Additional Shares in Bought Deal Offering

Rhea-AI Summary

AIkido Pharma Inc. (Nasdaq: AIKI) announced the partial exercise of an option by its underwriter to purchase an additional 7,030,927 shares in its bought deal offering. This increases the total shares sold to 53,905,927, with gross proceeds now at approximately $86.2 million, before expenses. The funds will be used for working capital and corporate purposes. The offering was conducted under an SEC-registered statement effective since June 18, 2020. AIkido focuses on developing innovative therapeutics for cancer and other serious health conditions.

Positive

• Gross proceeds from the offering increased to approximately $86.2 million.
• Total shares sold climbed to 53,905,927, indicating strong investor interest.

Negative

• None.

NEW YORK, Feb. 23, 2021 /PRNewswire/ -- AIkido Pharma Inc. (Nasdaq: AIKI) ("AIkido" or the "Company") today announced that the underwriter of its previously announced bought deal offering of common stock has partially exercised its option to purchase an additional 7,030,927 shares of common stock at a price to the public of $1.60 per share. After giving effect to the exercise of option to purchase additional shares, the total number of shares sold by AIkido in the bought deal offering increased to 53,905,927 shares and gross proceeds increased to approximately $86.2 million, before deducting underwriting discounts and commissions and other offering expenses.  

H.C. Wainwright & Co. acted as the sole book-running manager for the offering.

The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. 

The shares of common stock described above were offered pursuant to the registration statement on Form S-3 (File No. 333-238172), as amended, previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC") on June 18, 2020. A final prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering may be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by email at placements@hcwco.com or by telephone at 646-975-6996.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities 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.

About AIkido Pharma Inc.

AIkido Pharma Inc. was initially formed in 1967 and is a biotechnology company with a diverse portfolio of small-molecule anti-cancer therapeutics.  The Company's platform consists of patented technology from leading universities and researchers and we are currently in the process of developing an innovative therapeutic drug platform through strong partnerships with world renowned educational institutions, including The University of Texas at Austin and Wake Forest University. Our diverse pipeline of therapeutics includes therapies for pancreatic cancer, acute myeloid leukemia (AML) and acute lymphoblastic leukemia (ALL). In addition, we are constantly seeking to grow our pipeline to treat unmet medical needs in oncology.  The Company is also developing a broad-spectrum antiviral platform that may potentially inhibit replication of multiple viruses including Influenza virus, SARS-CoV (coronavirus), MERS-CoV, Ebolavirus and Marburg virus.

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contact:

Investor Relations:      

Hayden IR
Brett Maas, Managing Partner
Phone: (646) 536-7331
Email: brett@haydenir.com
www.haydenir.com

AIkido Pharma Inc.:
Phone: 212-745-1373
Email: investorrelations@aikidopharma.com
www.aikidopharma.com

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SOURCE AIkido Pharma Inc.

FAQ

What was announced by AIkido Pharma on February 23, 2021?

AIkido Pharma announced the partial exercise of an underwriter's option to purchase additional shares in its bought deal offering.

How many shares are now sold in AIkido's offering?

The total number of shares sold in the offering increased to 53,905,927.

What are the gross proceeds from AIkido's recent offering?

The gross proceeds from the offering are approximately $86.2 million.

What does AIkido Pharma plan to do with the proceeds from the offering?

The proceeds will be used for working capital and general corporate purposes.

What was the price per share in AIkido's bought deal offering?

The price was set at $1.60 per share.