8-K
filed November 18, 2022, 6:59 PM ET
ticker ACHV
CIK 0000949858
other material
confidence high
sentiment neutral
materiality 0.65
Achieve Life Sciences raises $18.9M in private placement of units at $4.625/unit
ACHIEVE LIFE SCIENCES, INC.
- Gross proceeds of ~$18.9M from sale of 4,093,141 units at $4.625/unit; each unit consists of 2 common shares and a warrant to buy one share.
- Pricing represents an 8.6% premium to prior day's closing price ($2.3125 per common share).
- Net proceeds ~$17.9M after expenses; funds operations into late 2023; used for clinical R&D and working capital.
- Warrants exercisable at $4.50/share for 7 years, beginning 6 months after close; callable under certain conditions.
- Placement includes new life sciences fund, management participation, and existing investors; Lake Street Capital Markets as exclusive placement agent.
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
ACHIEVE LIFE SCIENCES, INC. entered into Subscription Agreements with certain accredited investors valued at approximately $18.9 million (effective 2022-11-14).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- certain accredited investors
- Value
- approximately $18.9 million
- Effective
- 2022-11-14
Exact text from the filing
On November 14, 2022, Achieve Life Sciences, Inc., a Delaware corporation (the “ Company ”), entered into subscription agreements (the “ Subscription Agreements ”) with certain accredited investors (the “ Purchasers ”) pursuant to which the Company agreed to issue and sell to the Purchasers in a private placement 4,093,141 units (each, a “ Unit ”), each consisting of (i) two shares of the Company’s common stock, par value $0.001 per share (the “ Common Stock ”), and (ii) a warrant to purchase one share of Common Stock (the “ Warrants ”), at an offering price of $4.625 per Unit, for aggregate gross proceeds of approximately $18.9 million (the “ Offering ”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ACHIEVE LIFE SCIENCES, INC. entered into Placement Agent Agreement with Lake Street Capital Markets, LLC.
- Action
- entry
- Agreement
- underwriting
- Counterparty
- Lake Street Capital Markets, LLC
Exact text from the filing
Lake Street Capital Markets, LLC (the “ Placement Agent ”), acted as the exclusive placement agent for the Offering and, pursuant to the engagement agreement between the Company and the Placement Agent (the “ Placement Agent Agreement ”), will receive a cash commission equal to 5% of the gross proceeds from the sale of the Units.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ACHIEVE LIFE SCIENCES, INC. entered into Registration Rights Agreement with the Purchasers (effective 2022-11-18).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- the Purchasers
- Effective
- 2022-11-18
Exact text from the filing
Pursuant to the Subscription Agreements, on November 18, 2022, the Company entered into a registration rights agreement (the “ Registration Rights Agreement ”) with the Purchasers, under which the Company is required to file a registration statement within 60 days following the final closing date of the Offering (the “ Registration Statement ”).
View on SEC.gov
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