MAIA Biotechnology raises $4M in registered direct offering; discloses NYSE American equity non-compliance

MAIA Biotechnology, Inc.

Sold 2,424,243 shares at $1.65/sh; warrants exercisable at $1.86/sh for 5.5 years.
Gross proceeds ~$4M; net to company ~$3.47M; closing expected Nov 17, 2023.
NYSE American orally advised MAIA it fails stockholders' equity standard ($2.7M vs $4M minimum).
Company believes after offering stockholders' equity will exceed $4M, addressing non-compliance.
H.C. Wainwright acted as exclusive placement agent; lock-up agreements for 60 days.

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

MAIA Biotechnology, Inc. entered into Securities Purchase Agreement with three institutional accredited investors valued at gross proceeds of approximately $4.0 million (effective 2023-11-15).

Action: entry
Agreement: equity purchase
Counterparty: three institutional accredited investors
Value: gross proceeds of approximately $4.0 million
Effective: 2023-11-15

Exact text from the filing

On November 15, 2023, MAIA Biotechnology, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with three institutional accredited investors (the “Investors”) pursuant to which the Company agreed to issue and sell, in a registered direct offering priced at-the-market under the rules of NYSE American (the “Registered Offering”), 2,424,243 shares (the “Shares”) of common stock of the Company, par value $0.0001 per share (the “Common Stock”), at a price per Share of $1.65.

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MAIA Biotechnology, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-279380

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