MAIA Biotechnology to sell 1.233M shares at $1.22 in private placement

MAIA Biotechnology (MAIA) announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 1.233M shares of common stock at a purchase price of $1.224 per share, in a private placement to accredited investors and a company director. Each share of common stock is being offered together with a warrant to purchase one share of common stock at an exercise price of $1.36 per share, which price represents the “Minimum Price” as defined under NYSE American Rule 713. The warrants are exercisable commencing six-months following issuance and have a term of three years from the issuance date. The securities being sold to the company director participating in the offering are being issued pursuant to the company’s 2021 Equity Incentive Plan. The private placement is expected to close on or about December 18, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $1.51M, prior to offering expenses payable by the company. The company intends to use the net proceeds from the offering for to fund the execution of Step 1 of Part C of the Phase II trial THIO -101 and for working capital.