On March 30, 2023 Akari Therapeutics, Plc (Nasdaq: AKTX), a late-stage biotechnology company developing advanced therapies for autoimmune and inflammatory diseases, reported that it has entered into definitive agreements with certain institutional investors and accredited investors (Press release, Akari Therapeutics, MAR 30, 2023, View Source [SID1234629648]). The direct offering includes participation by all members of the Akari Board of Directors, including Chairman Dr. Ray Prudo, as well as Akari President and CEO Rachelle Jacques. Akari is expected to receive gross proceeds of approximately $4 million. The definitive agreements include no warrants.

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In connection with the offering, the Company will issue approximately 26,666,667 registered American Depository Shares ("ADSs") of Akari at a purchase price of $0.15 per ADS, each representing one hundred ordinary shares of the Company, par value $0.0001 per share, in a registered direct offering. The closing of the offering is expected to take place on or about March 31, 2023, subject to the satisfaction of customary closing conditions.

Net proceeds from the transaction are expected to support advancement of Akari’s two priority pipeline programs investigating nomacopan, a bispecific recombinant inhibitor of complement C5 and leukotriene B4 (LTB4). The first pipeline priority is the acceleration of the Phase 3 clinical trial of nomacopan in severe pediatric hematopoietic stem cell transplant-related thrombotic microangiopathy (HSCT-TMA) into pivotal Part B, expected later this year. The second pipeline priority is the promising pre-clinical program investigating long-acting PAS-nomacopan as a potential treatment for geographic atrophy (GA).

Paulson Investment Company, LLC is acting as the exclusive placement agent in connection with this offering.

The securities described above are being offered by Akari pursuant to an effective shelf registration statement on Form F-3 (File No. 333-251673) previously filed with the Securities and Exchange Commission (the "SEC") on December 23, 2020 and declared effective by the SEC on December 31, 2020. The offering of the securities will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

Akari will file a prospectus supplement and the accompanying base prospectus with the SEC relating to the securities being offered. When available, electronic copies of the prospectus supplement and the accompanying base prospectus may be obtained at the SEC’s website at View Source, or by contacting Donald A. Wojnowski Jr. of Paulson Investment Company, LLC, at (646) 553-3691 or at [email protected].

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.