Avenue Therapeutics raises $5.0M via warrant exercise; issues new warrants at $0.3006, subject to shareholder approval

AVENUE THERAPEUTICS, INC.

Gross proceeds ~$5.0M from immediate cash exercise of 16.5M existing warrants at reduced exercise price of $0.3006/share.
New unregistered Series A and Series B warrants each to purchase up to 16.5M shares at $0.3006; exercisable only after stockholder approval.
Stockholder approval required to increase authorized shares and comply with Nasdaq Rule 5635(d); no voting rights until exercise.
Maxim Group acted as agent; fees: 3.5% on Jan 2023 warrants and 7.0% on Nov 2023 warrants, plus up to $15,000 expense reimbursement.
Company intends to use net proceeds for general corporate purposes; closing expected on or about January 9, 2024.

item 1.01 item 3.02 item 3.03 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

AVENUE THERAPEUTICS, INC. entered into Inducement Letters with certain investors (the Holders) valued at aggregate gross proceeds of approximately $5.0 million (effective 2025-01-05).

Action: entry
Agreement: equity purchase
Counterparty: certain investors (the Holders)
Value: aggregate gross proceeds of approximately $5.0 million
Effective: 2025-01-05

Exact text from the filing

On January 5, 2024, Avenue Therapeutics, Inc. (the “Company ”) entered into (i) an inducement offer letter agreement (the “ January 2023 Investor Inducement Letter ”) with a certain investor (the “ January 2023 Investor ”)

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AVENUE THERAPEUTICS, INC. filing history →

Source: SEC EDGAR

accession 0001104659-24-002318

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