Athersys Inc. announced today that it has entered into definitive agreements for the purchase and sale of 3,685,000 shares the Shares of the Company’s common stock or common stock equivalents in lieu thereof in a registered direct offering and warrants to purchase up to 3,685,000 Shares at a purchase price per Share and accompanying warrant of $1.00 in a concurrent private placement the offering.
The warrants will have an exercise price of $0.96 per share, will be exercisable six months after issuance, and will expire seven years after the original exercise date.
The offering is expected to close on or around April 19, 2023, subject to the fulfillment of standard closing conditions. The offering’s gross proceeds are projected to be around $3.7 million. The net proceeds of the transaction will be used for general corporate purposes by the company.
The offering’s sole placement agent is A.G.P./Alliance Global Partners.
The registered direct offering’s shares of common stock and common stock equivalents but not the concurrent private placement’s warrants were offered in accordance with an effective shelf registration statement on Form S-3 previously filed with the U.S.
The warrants issued in the above-mentioned concurrent private placement were offered in a private placement under Section 4(a)(2) of the Securities Act and were not registered under the Securities Act or applicable state securities regulations. As a result, the shares issued in the concurrent private placement may not be offered or sold in the United States unless an effective registration statement or an applicable exemption from the registration requirements of the shares Act and such applicable state securities laws is in existence.