AKTX - Akari Therapeutics Announces Existing Investors Support the Company Through a $2 Million Private Placement Financing Company Also Receives $2.5 Million U.K. R&D Tax Credit | Benzinga
BOSTON and LONDON, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Akari Therapeutics, Plc (NASDAQ:AKTX) ("Akari" or the "Company"), a late-stage biotechnology company developing advanced therapies for autoimmune and inflammatory diseases, today announced that it has entered into definitive purchase agreements with certain existing investors, including Akari Chairman Dr. Ray Prudo and President and CEO Rachelle Jacques, for a private placement of its equity securities that is expected to result in gross proceeds of approximately $2 million. Akari also announced receipt of a United Kingdom (U.K.) research and development (R&D) tax credit in the amount of $2.5 million.
In connection with the private placement financing, the Company will issue unregistered American Depository Shares ("ADSs"), each representing 2,000 of the Company's ordinary shares, at a purchase price of $3.30 per ADS (or ADS equivalents in lieu thereof). The closing of the financing is expected to take place September 22, 2023, subject to the satisfaction of customary closing conditions.
Paulson Investment Company, LLC, is acting as the exclusive placement agent in connection with this financing.
The ADSs described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act") and Regulation D promulgated thereunder and have not been registered under the Act or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such ...