Apellis exchanges $22.5M convertible notes for shares; prior $75.6M exchange closed Aug 1

Apellis Pharmaceuticals, Inc.

Signed exchange agreements on July 28 to convert $22.5M in 3.5% convertible notes due 2026 into common stock.
Consideration includes 456,128 shares fixed plus additional shares based on volume-weighted average price over 3 trading days.
Prior exchange of $75.6M principal closed Aug 1, issuing 2,334,014 shares—combined ~$98.1M of notes converted.
Shares issued in private placement to QIBs and accredited investors; no registration under Securities Act.
No cash interest paid on exchanged notes; holders waived accrued interest and conversion rights.

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