Akari raises ~$5M in equity; exchanges $4M notes for warrants

Akari Therapeutics Plc

Gross proceeds ~$5M from 10,043,774 ADSs at $0.3883/unit plus pre-funded warrants to insiders for $1M+.
Non-cash reduction of ~$4M in 2026 Notes via exchange for pre-funded warrants and Note Exchange Warrants.
Warrants exercisable after shareholder approval; Series G exercise price $0.3883, 5-year term.
Ladenburg Thalmann acts as placement agent; 8.0% fee, 0.5% mgmt fee, and 504,300 placement agent warrants.
Net proceeds for R&D and working capital; offering closed Dec. 17, 2025.

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