Allarity raises $7.5M in public offering; restructures debt and preferred stock with 3i, LP

Allarity Therapeutics, Inc.

Gross proceeds $7.5M from offering of 2.87M shares, pre-funded warrants for 7.13M shares, and common warrants for 10M shares at $0.85.
3i, LP provided $350K loan converted to 486 Series A shares; exchanged Series C for 4,027 Series A shares.
Company paid $3.35M to cancel all outstanding debt to 3i and repurchased 1,550 Series A shares for $1.65M.
Series A preferred stock amended: redemption right and dividend eliminated; conversion price set at $0.75.
Exchange warrant issued to 3i for 12.6M common shares at $0.75 exercise price.

item 1.01 item 2.03 item 3.02 item 3.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Allarity Therapeutics, Inc.: Amended and Restated Certificate of Designations of Series A Convertible Preferred Stock to eliminate redemption right and dividend and adjust conversion price (effective 2023-04-21).

Change: charter amendment
Effective: 2023-04-21

Exact text from the filing

On April 21, 2023, in connection with the transactions contemplated under the Exchange Agreement, the Company filed an Amended and Restated Certificate of Designations of Series A Convertible Preferred Stock of the Company (the “Amended and Restated Series A COD”) with the Secretary of State of the State of Delaware (the “Delaware Secretary of State”).

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

Allarity Therapeutics, Inc. entered into Modification and Exchange Agreement with 3i, LP (effective 2023-04-20).

Action: entry
Counterparty: 3i, LP
Effective: 2023-04-20

Exact text from the filing

On April 20, 2023, the Company entered into a certain Modification and Exchange Agreement (the “Exchange Agreement”) with 3i

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

Allarity Therapeutics, Inc. entered into Placement Agency Agreement with A.G.P./Alliance Global Partners valued at a cash fee equal to 7.0% of the aggregate gross proceeds of the Offering and up to $150,000 in aggre (effective 2023-04-19).

Action: entry
Agreement: underwriting
Counterparty: A.G.P./Alliance Global Partners
Value: a cash fee equal to 7.0% of the aggregate gross proceeds of the Offering and up to $150,000 in aggre
Effective: 2023-04-19

Exact text from the filing

Concurrently with the Purchase Agreement, the Company entered into a Placement Agency Agreement (the “Placement Agency Agreement”) with A.G.P./Alliance Global Partners (“AGP”).

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

Allarity Therapeutics, Inc. entered into Securities Purchase Agreement with certain purchasers valued at aggregate gross proceeds of approximately $7.5 million (effective 2023-04-19).

Action: entry
Agreement: equity purchase
Counterparty: certain purchasers
Value: aggregate gross proceeds of approximately $7.5 million
Effective: 2023-04-19

Exact text from the filing

The Securities were sold pursuant to a Securities Purchase Agreement (the “Purchase Agreement”) with each purchaser identified on the signature pages thereto

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Allarity Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-032547

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