Angion Announces Partial Waiver of Certain Lock-up Restrictions

Rhea-AI Summary

Angion Biomedica Corp. (NASDAQ:ANGN) announced that Cowen and Company and Stifel, Nicolaus & Company, the lead managers of its recent public offering, agreed to partially waive a lock-up on approximately 100,267 common shares. These shares will be sold to meet tax obligations tied to the vesting of employee stock awards. This waiver takes effect on March 23, 2021, allowing the sale of shares thereafter. The sale is specifically for compliance with government withholding obligations under Angion’s employee equity incentive plans.

Positive

• None.

Negative

• Potential shareholder dilution through the sale of 100,267 shares to meet tax obligations.

UNIONDALE, N.Y., March 19, 2021 (GLOBE NEWSWIRE) -- Angion Biomedica Corp. (NASDAQ:ANGN), a late-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases, today announced Cowen and Company, LLC and Stifel, Nicolaus & Company, Incorporated, the lead book-running managers in Angion’s recent public sale of 5,750,000 shares of common stock, have agreed to a partial wavier of a lock-up restriction with respect to approximately 100,267 shares of Angion’s common stock held by certain employees or officers of the company. The shares will be sold solely to satisfy tax or other government withholding obligations in connection with the vesting of Restricted Stock or Restricted Stock Unit awards held by such employees pursuant to Angion’s employee equity incentive plans. The waiver will take effect on March 23, 2021, and the shares may be sold on or after such date.

This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited and such securities may not be offered or sold in the United States absent registration or exemption from registration under the United States Securities Act of 1933, as amended.

Contact
Daniel Ferry
LifeSci Advisors
617-430-7576
daniel@lifesciadvisors.com

FAQ

What is the recent news about Angion Biomedica's stock sale?

Angion Biomedica announced a partial waiver of a lock-up on 100,267 shares, allowing them to be sold for tax obligations related to employee stock awards.

When will the shares of Angion Biomedica be sold?

The shares will be sold starting March 23, 2021.

How many shares are involved in Angion Biomedica's recent stock sale?

The stock sale involves approximately 100,267 shares.

Who are leading the management for Angion Biomedica's stock sale?

Cowen and Company and Stifel, Nicolaus & Company are the lead managers for the stock sale.

What is the purpose of the stock sale of Angion Biomedica?

The stock sale is to satisfy tax obligations of certain employees or officers tied to stock awards.