Akari Therapeutics tanks on $12.75 mln share offering
12/09/2022 16:48
** Biotech firm Akari Therapeutics Plc's shares AKTX.O
slumps ~26% to 76 cents - lowest since July 14
** Co announces stock and warrants offering to raise $12.75
mln urn:newsml:reuters.com:*:nGNX5Cx47C
** Says it has entered into agreements with certain
healthcare-focused institutional investors for purchase and sale
of 15 mln of its American Depository Shares (ADS) priced at 85
cents per ADS
** The per-share purchase price represents an ~18% discount
to AKTX's last close; co has 59.35 mln shares outstanding,
according to Refinitiv data
** Co to also issue two types of warrants to purchase up to
an aggregate of 15 mln shares each; warrants to have an exercise
price of 85 cents per ADS
** The offering will also have participation from certain
existing investors, including the executive chairman of Akari's
board - co
** Co plans to use proceeds from the offering to advance its
pipeline programs, including a late-stage study of its treatment
for a stem cell transplant complication
** Up to last close, AKTX had fallen 30.7% YTD, vs a 22.6%
drop in the Nasdaq composite index .IXIC
(Reporting by Johann M Cherian in Bengaluru)
((johann.mcherian@thomsonreuters.com;))