8-K
filed November 14, 2024, 6:59 PM ET
ticker AKTX
CIK 0001541157
M&A
confidence high
sentiment positive
materiality 0.85
Akari Therapeutics Plc (AKTX): M&A transaction — Akari Therapeutics completes merger with Peak Bio, secures $3.2M PIPE and $50M ELOC term sheet
Akari Therapeutics Plc
- Merger closed; Peak Bio shareholders received 0.2935 Akari ADS per share, representing ~48.4% of combined entity on fully diluted basis.
- Private placement of 1,713,402 ADSs+Warrants at $1.70/unit ($2.385 for insiders) for aggregate gross proceeds of $3.2M.
- Entered term sheet for up to $50M equity line of credit with White Lion Capital over 3 years, subject to registration statement.
- Nasdaq delisting risk resolved; company believes it now meets $2.5M stockholders' equity requirement post-merger.
- Board changes: Wa'el Hashad and Donald Williams resigned; Hoyoung Huh (non-executive chairman), James Neal, Sandip Patel appointed.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Sandip Patel was appointed as Director at Akari Therapeutics Plc.
- Action
- appointed
- Role
- Director
Exact text from the filing
As previously disclosed, effective as of the Effective Time and pursuant to the terms of the Merger Agreement, the Akari Board appointed Hoyoung Huh, M.D., Ph. D, James Neal and Sandip Patel, each of whom were members of the board of directors of Peak Bio, to serve as directors for a term commencing upon the Effective Time.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Wa'el Hashad resigned as Director at Akari Therapeutics Plc.
- Action
- resigned
- Role
- Director
Exact text from the filing
Wa’el Hashad and Donald Williams resigned as directors of Akari and any committees thereof.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Hoyoung Huh was appointed as non-executive chairman at Akari Therapeutics Plc.
- Action
- appointed
- Role
- non-executive chairman
Exact text from the filing
Dr. Huh will serve as the non-executive chairman of the Akari Board as of the Effective Time.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Donald Williams resigned as Director at Akari Therapeutics Plc.
- Action
- resigned
- Role
- Director
Exact text from the filing
Wa’el Hashad and Donald Williams resigned as directors of Akari and any committees thereof.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
James Neal was appointed as Director at Akari Therapeutics Plc.
- Action
- appointed
- Role
- Director
Exact text from the filing
As previously disclosed, effective as of the Effective Time and pursuant to the terms of the Merger Agreement, the Akari Board appointed Hoyoung Huh, M.D., Ph. D, James Neal and Sandip Patel, each of whom were members of the board of directors of Peak Bio, to serve as directors for a term commencing upon the Effective Time.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.95
Akari Therapeutics Plc completed an acquisition involving Peak Bio, Inc. (closed 2024-11-14).
- Action
- acquisition
- Counterparty
- Peak Bio, Inc.
- Closing
- 2024-11-14
Exact text from the filing
On November 14, 2024, Akari completed the previously announced strategic combination (the "Closing") contemplated by that Agreement and Plan of Merger by and among Akari, Peak Bio, Inc. ("Peak Bio") and Pegasus Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Akari ("Merger Sub") as amended by that certain side letter dated August 15, 2024 (the "Merger Agreement"), pursuant to which, upon the terms and subject to the conditions thereof, Merger Sub was merged with and into Peak Bio (the "Merger"), with Peak Bio surviving the Merger as a wholly owned subsidiary of Akari.
View on SEC.gov
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