Akari Therapeutics prices 3.13M ADSs at 80c in registered direct offering

Akari Therapeutics (AKTX) entered into a definitive agreement for the issuance and sale of an aggregate of 3,125,000 of the Company’s American Depositary Shares, each representing 2,000 ordinary shares at a purchase price of $0.80 per ADS in a registered direct offering. Ladenburg Thalmann & Co. Inc. is acting as the exclusive placement agent for the offering. In addition, in a concurrent private placement, the Company will issue unregistered Series E Warrants to purchase up to 3,125,000 of the Company’s ADSs and unregistered Series F Warrants to purchase up to 3,125,000 of the Company’s ADSs, each at an exercise price of $0.98 per share. The Series E Warrants will be exercisable on the date of shareholder approval for the exercisability of the warrants and have a term of five years from the initial exercise date. The Series F Warrants will be exercisable on the Shareholder Approval Date and have a term of thirty months from the initial exercise date. The offering is expected to close on or about October 16, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses payable by the Company, are expected to be approximately $2.5M. The Company intends to use the net proceeds for working capital, general corporate purposes, and continued research and development. Specifically with regard to its focused R&D work, the Company intends to use these funds to generate differentiated data on the novel ADC payload that highlights its unique action against cancer and builds on new data being presented at the upcoming Society for Immunotherapy Cancer Society Annual Meeting in early November.