Akari Therapeutics Plc announced on March 3, 2025, the successful pricing of a private placement financing round, expected to raise approximately $7.6 million in gross proceeds. The offering was supported by existing investors and the Board of Directors.
The company entered into definitive purchase agreements for the issuance and sale of 6,637,626 unregistered American Depository Shares (ADSs), or prefunded warrants, and Series A and Series B Warrants. The ADSs were priced at $0.87 per ADS, which was the Nasdaq official closing price on February 28, 2025.
The gross cash proceeds from the offering are expected to be approximately $6.6 million, before deducting fees and expenses. Akari intends to use the net proceeds for working capital and general corporate purposes, including investing in its novel spliceosome inhibitor payload ADC technology platform, seeking license partners for its TROP-2 ADC program, and monetizing non-core assets.
The Series A and Series B Warrants have an exercise price of $0.87 per ADS and are exercisable immediately. The private placement is expected to close on or about March 5, 2025, subject to customary closing obligations.
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