MITO - Stealth BioTherapeutics to raise $8.5M in equity financing

Stealth BioTherapeutics (NASDAQ:MITO) enters agreement with a single healthcare-focused institutional investor to purchase in a registered direct offering 5,583,028 ADS, representing ~67M ordinary shares. Purchase price is $0.6269 per ADS for gross proceeds of ~$3.5M. Each ADS represents 12 ordinary shares. Additionally, the company entered definitive agreement with Morningside Venture for a $5M private placement. As part of the private placement, Morningside purchased ~95.71M ordinary shares at a price of $0.05224 per ordinary share and a warrant to purchase up to ~63.17M ordinary shares. Offerings is expected to close on or about April 13, 2022. Stock trades -3.2% pre-market

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Stealth BioTherapeutics to raise $8.5M in equity financing