On January 27, 2025 ImmunoPrecise Antibodies Ltd. ("IPA" or the "Company") (NASDAQ: IPA), a leader in AI-driven antibody discovery and development, reported the successful completion of its previously disclosed USD $8.8 million "at-the-market" equity offering program (the "ATM Program") alongside the full conversion of its outstanding debenture with Yorkville Advisors, significantly enhancing the Company’s capital structure (Press release, ImmunoPrecise Antibodies, JAN 27, 2025, View Source [SID1234649887]).
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Strategic ATM Offering Raises USD $7.0 Million
Utilizing their ATM program, the Company generated approximately USD $7.0 million in gross proceeds. The Company utilized the ATM strategically, enabling them to dramatically reduce the cost of capital while reinforcing their financial position.
"The successful execution of our ATM Program underscores investor confidence in IPA’s vision and technology," said Dr. Jennifer Bath, CEO of ImmunoPrecise Antibodies. "By deploying this program strategically, we optimized our financing approach, reducing our cost of capital while maintaining the flexibility needed to accelerate innovation in AI-driven antibody discovery."
Yorkville Debenture Fully Converted
In addition to the ATM Program completion, IPA has now fully satisfied its outstanding obligations with Yorkville Advisors, as Yorkville has converted all principal amounts under the debenture agreement into common shares. This marks a significant milestone in eliminating near-term debt obligations, further strengthening IPA’s balance sheet.
"We greatly appreciate the partnership and flexibility provided by Yorkville Advisors throughout this process," added Dr. Bath. "Their structured investment approach has been instrumental in allowing us to execute on key strategic initiatives while maintaining operational momentum."
With the completion of the ATM Program and Yorkville’s full conversion, IPA is in a stronger financial position, allowing the Company to continue executing its growth strategy and advancing its AI-powered therapeutic discovery platform, LENSai.