Akari Therapeutics raises $2M via private placement with insiders; now must file as domestic issuer

Akari Therapeutics Plc

Closed private placement on Dec 29, 2023: 947,868 ADSs at $2.11/ADS for gross proceeds ~$2M from Chairman Dr. Ray Prudo and Director Samir R. Patel.
Placement agent Paulson Investment Co. received 5% cash fee plus $60k expense allowance.
Company to file resale registration statement on Form S-3 by March 31, 2024.
Effective Jan 1, 2024, company no longer qualifies as foreign private issuer; must file domestic reports (Form 10-K), comply with US proxy rules and Section 16.

item 1.01 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Akari Therapeutics Plc entered into Purchase Agreement with existing investors, the Company's Chairman Dr. Ray Prudo and Director Samir R. Patel, M.D. valued at aggregate of 947,868 unregistered American Depository Shares ("ADSs"), each representing 2,000 of th (effective 2023-12-27).

Action: entry
Agreement: equity purchase
Counterparty: existing investors, the Company's Chairman Dr. Ray Prudo and Director Samir R. Patel, M.D.
Value: aggregate of 947,868 unregistered American Depository Shares ("ADSs"), each representing 2,000 of th
Effective: 2023-12-27

Exact text from the filing

On December 27, 2023, Akari Therapeutics, Plc (the “Company”) entered into a definitive agreement (the “Purchase Agreement”) with existing investors, the Company’s Chairman Dr. Ray Prudo and Director Samir R. Patel, M.D., pursuant to which the Company agreed to sell and issue in a private placement (the “Private Placement”) an aggregate of 947,868 unregistered American Depository Shares (“ADSs”), each representing 2,000 of the Company’s ordinary shares, at a purchase price of $2.11 per ADS.

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38 material agreements filed in the last 30 days. Browse all material agreements →

Akari Therapeutics Plc filing history →

Source: SEC EDGAR

accession 0001104659-24-000353

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