On August 4, 2023 Aptevo Therapeutics Inc. (NASDAQ:APVO) ("Aptevo" or the "Company"), a clinical stage biotechnology company focused on developing novel immuno-oncology therapeutics, reported the closing of its previously announced public offering of 2,221,550 shares of common stock at a purchase price of $0.62 per share, Pre-Funded Warrants to purchase up to an aggregate of 5,842,967 shares of common stock at a purchase price of $0.619 per Pre-Funded Warrant, Series A Warrants to purchase up to an aggregate of 8,064,517 shares of common stock and Series B Warrants to purchase up to an aggregate of 8,064,517 shares of common stock (Press release, Aptevo Therapeutics, AUG 4, 2023, View Source [SID1234633829]). The Pre-Funded Warrants have an exercise price of $0.001, are immediately exercisable and may be exercised at any time until exercised in full. The Series A and Series B Warrants have an exercise price of $0.62 per share, are immediately exercisable and expire in August 2028 and February 2025, respectively.
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Gross proceeds from the offering were approximately $5 million before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds of this offering for the continued clinical development of its product candidates and for working capital purposes.
A.G.P./Alliance Global Partners acted as sole placement agent for the offering.
The securities described above were offered pursuant to a registration statement on Form S-1, as amended (File No. 333-273067) previously filed with the Securities and Exchange Commission (SEC) which became effective on August 1, 2023. The offering was made only by means of a prospectus forming part of the effective registration statement. A final prospectus relating to the offering has been filed with the SEC. Electronic copies of the final prospectus may be obtained on the SEC’s website located at View Source and may also be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.