Atossa Therapeutics Announces Pricing of $14.0 Million Registered Direct Offering Priced At-The-Market
Atossa Therapeutics (Nasdaq: ATOS) has entered into a securities purchase agreement with institutional investors for approximately $14.0 million of its common stock in a direct registered offering priced at-the-market. The offering includes the sale of 14,000,000 shares at $1.00 per share, along with warrants for 10,500,000 shares concurrently. The expected closing date is December 21, 2020. Maxim Group LLC is the placement agent, and the offering is made under a previously effective registration statement with the SEC.
- Gross proceeds of approximately $14.0 million expected from the offerings.
- Funds may support further development in breast cancer and COVID-19 areas.
- Issuance of new shares may dilute existing shareholder value.
- The offering is contingent on customary closing conditions, which introduces uncertainty.
Insights
Analyzing...
SEATTLE, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Atossa Therapeutics, Inc. (Nasdaq: ATOS) (the “Company” or “Atossa”), a clinical-stage biopharmaceutical company seeking to discover and develop innovative medicines in areas of significant unmet medical need with a current focus on breast cancer and COVID-19, announced today that it has entered into a securities purchase agreement with institutional investors to purchase approximately
Under the terms of the securities purchase agreement, the Company has agreed to sell 14,000,000 shares of common stock. In a private placement, which will be consummated concurrently with the Offering, the Company also has agreed to issue warrants to purchase up to an aggregate of 10,500,000 shares of common stock. The warrants will be immediately exercisable, will expire in 4 and a half years from the date of issuance and will have an exercise price of
The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately
Maxim Group LLC is acting as the sole placement agent for the offering.
The shares of common stock are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333- 248555) previously filed and declared effective by the Securities and Exchange Commission (the “SEC”) on September 10, 2020. The offering of the shares of common stock will be made only by means of a prospectus supplement that forms a part of the registration statement. A prospectus supplement relating to the shares of common stock will be filed with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention: Syndicate Department, or via email at syndicate@maximgrp.com or telephone at (212) 895-3745.
This press release shall not constitute an offer to sell or the 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 Atossa Therapeutics
Atossa Therapeutics, Inc. is a clinical-stage biopharmaceutical company seeking to discover and develop innovative medicines in areas of significant unmet medical need with a current focus on breast cancer and COVID-19. For more information, please visit www.atossatherapeutics.com.
Forward-Looking Statements Disclaimer Statement
Forward-looking statements in this press release, which Atossa undertakes no obligation to update, are subject to risks and uncertainties that may cause actual results to differ materially from the anticipated or estimated future results, including, without limitation, statements regarding the satisfaction of closing conditions relating to the offering and the anticipated use of proceeds from the offering, the risks and uncertainties associated with any variation between interim and final clinical results, actions and inactions by the FDA, the outcome or timing of regulatory approvals needed by Atossa including those needed to commence studies of AT-H201, AT-301 and Endoxifen, lower than anticipated rate of patient enrollment, estimated market size of drugs under development, the safety and efficacy of Atossa’s products, performance of clinical research organizations and investigators, obstacles resulting from proprietary rights held by others such as patent rights, whether reduction in Ki-67 or any other result from a neoadjuvant study is an approvable endpoint for oral Endoxifen, and other risks detailed from time to time in Atossa’s filings with the Securities and Exchange Commission, including without limitation its periodic reports on Form 10-K and 10-Q, each as amended and supplemented from time to time.
Company Contact:
Atossa Therapeutics, Inc.
Kyle Guse CFO and General Counsel
Office: 866 893-4927
kyle.guse@atossainc.com
Investor Relations Contact:
Core IR
Office:(516) 222-2560
ir@atossainc.com
FAQ
What is the purpose of Atossa's recent $14 million offering?
How many shares is Atossa selling in the recent offering?
What is the exercise price of the warrants issued by Atossa?
When is the expected closing date for Atossa's offering?
Who is acting as the placement agent for Atossa's offering?
