Aptevo Therapeutics raises $3 million in gross proceeds from warrant exercise
APVO•Aptevo Therapeutics raised approximately $3 million in gross proceeds before fees through the exercise of existing warrants. The deal includes new warrants covering up to 13,888,890 shares at $1.08 each, exercisable after required stockholder approval.
1. Warrant exercise terms
Holders exercised existing common warrants for up to 2,777,778 shares at a reduced price of $1.08 per share, generating approximately $3 million in gross proceeds before placement agent fees and expenses. In exchange, Aptevo issued new unregistered warrants for up to 13,888,890 shares at $1.08 per share; they become exercisable upon required stockholder approval and expire five years after their initial exercise date. The company plans to file an SEC registration statement covering resale of the shares issuable upon exercise.
