On March 4, 2020 Akari Therapeutics, Plc (Nasdaq: AKTX), a biopharmaceutical company focused on innovative therapeutics to treat orphan autoimmune and inflammatory diseases where the complement and/or leukotriene systems are implicated, reported it had closed its previously announced private placement, issuing an aggregate of 5,620,296 American Depositary Shares (the "ADSs") at $1.70 per ADS for aggregate gross proceeds of approximately $9.5 million to certain accredited and institutional investors, led by existing investors of the Company, including Dr. Ray Prudo, the Company’s Chairman (Press release, Akari Therapeutics, MAR 4, 2020, View Source [SID1234555168]). The offering initially closed on February 25, 2020 and a final closing was held on March 3, 2020. Additionally, for each ADS purchased, the investors received an unregistered warrant to purchase one-half of an ADS. The warrants are immediately exercisable and will expire five years from issuance at an exercise price of $2.20 per ADS.
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Paulson Investment Company, LLC, acted as the exclusive placement agent in connection with this offering.
This press release shall not constitute an offer to sell or the solicitation to buy nor shall there be any sale of the ADSs or warrants in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The ADS and warrants 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, along with the ADSs issuable upon exercise of the warrants, have not been registered under the Act, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements.