Achieve Life Sciences prices $16.5M registered direct offering of 3M shares at $5.50/share

ACHIEVE LIFE SCIENCES, INC.

Sold 3,000,000 shares at $5.50 each for gross proceeds of ~$16.5M; net proceeds ~$15.2M.
Offering includes participation from current investors Dialectic Life Sciences, Hunt Family affiliates, and management.
Proceeds to fund cytisinicline development for smoking cessation and for working capital.
Expected to close on or about May 30, 2023; Lake Street Capital Markets as placement agent.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ACHIEVE LIFE SCIENCES, INC. entered into Securities Purchase Agreement with certain purchasers valued at 3,000,000 shares at $5.50 per share, gross proceeds approximately $16.5 million (effective 2023-05-25).

Action: entry
Agreement: equity purchase
Counterparty: certain purchasers
Value: 3,000,000 shares at $5.50 per share, gross proceeds approximately $16.5 million
Effective: 2023-05-25

Exact text from the filing

On May 25, 2023, Achieve Life Sciences, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with certain purchasers for the sale of 3,000,000 shares (the “Shares”) of the Company’s common stock at a price of $5.50 per share, for gross proceeds of approximately $16.5 million before deducting the placement fees and related offering expenses.

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ACHIEVE LIFE SCIENCES, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-024074

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