On July 7, 2021 Akari Therapeutics, Plc (Nasdaq: AKTX) ("Akari" or the "Company"), a biopharmaceutical company focused on innovative therapeutics to treat orphan autoimmune and inflammatory diseases where the complement and/or leukotriene systems are implicated, reported that it has entered into definitive securities purchase agreements with certain accredited and institutional investors, led by existing investors of the Company, including Dr. Ray Prudo, the Company’s Chairman, to receive gross proceeds of approximately $12 million through a private placement of its equity securities (Press release, Akari Therapeutics, JUL 7, 2021, View Source [SID1234584645]).
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In connection with the offering, the Company will issue unregistered American Depository Shares, each representing 100 of the Company’s ordinary shares ("ADSs"), at a purchase price of $1.55 per ADS. The closing of the offering is expected to take place during or before the week of July 12, 2021, subject to the satisfaction of customary closing conditions.
Paulson Investment Company, LLC, is acting as the exclusive placement agent in connection with this offering.
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 an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.