Athersys, Inc. Announces Pricing of $3.5 Million Public Offering
18 August 2023 - 11:30AM
Business Wire
Athersys, Inc. (Nasdaq: ATHX), today announced the pricing of
its “reasonable best efforts” public offering of 10,937,500 shares
of common stock (or common stock equivalents in lieu thereof) at a
purchase price of $0.32 per share. The Company further agreed to
issue to the investors Series A Warrants to purchase up to an
aggregate of 10,937,500 shares of common stock and Series B
Warrants to purchase up to an aggregate of 10,937,500 shares of
common stock. The Series A and Series B Warrants will have an
exercise price of $0.32 per share, will be exercisable immediately
following the date of issuance and will expire in five years and
one and a half years, respectively.
The closing of the offering is expected to occur on or about
August 21, 2023, subject to the satisfaction of customary closing
conditions. The gross proceeds from the offering are expected to be
approximately $3.5 million. The Company intends to use the net
proceeds from the offering for general corporate purposes.
A.G.P./Alliance Global Partners is acting as sole placement
agent for the offering.
The securities described above are being offered pursuant to a
registration statement on Form S-1 (File No. 333-273256) previously
filed with the Securities and Exchange Commission (SEC) which
became effective on August 11, 2023. The offering is being made
only by means of a prospectus forming part of the effective
registration statement. Copies of the preliminary prospectus and,
when available, copies of the final prospectus, relating to the
offering may be obtained on the SEC’s website located at
http://www.sec.gov. Electronic copies of the final prospectus
relating to the offering may be obtained, when available, from
A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor,
New York, NY 10022, or by telephone at (212) 624-2060, or by email
at prospectus@allianceg.com.
Athersys also has agreed that certain existing warrants to
purchase up to an aggregate of 9,109,090 shares of common stock at
an exercise price of $1.10 per share and a termination date of
November 10, 2027 will be amended, effective upon the closing of
the offering, so that the amended warrants will have a reduced
exercise price of $0.32 per share and a termination date of August
21, 2028. The other terms of the warrants will remain
unchanged.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation, or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Athersys
Athersys is a biotechnology company engaged in the discovery and
development of therapeutic product candidates designed to extend
and enhance the quality of human life. The Company is developing
its MultiStem® cell therapy product, a patented, adult-derived
"off-the-shelf" stem cell product, initially for disease
indications in the neurological, inflammatory and immune and other
critical care indications and has two ongoing clinical trials
evaluating this potential regenerative medicine product. Investors
and others should note that we may post information about the
Company on our website at www.athersys.com and/or on our accounts
on Twitter, Facebook, LinkedIn or other social media platforms. It
is possible that the postings could include information deemed to
be material information. Therefore, we encourage investors, the
media and others interested in the Company to review the
information we post on our website at www.athersys.com and on our
social media accounts. Follow Athersys on Twitter at
www.twitter.com/athersys. Information that we may post about the
Company on our website and/or on our accounts on Twitter, Facebook,
LinkedIn or other social media platforms may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve risks and
uncertainties. You should not place undue reliance on
forward-looking statements contained on our website and/or on our
accounts on Twitter, Facebook, LinkedIn or other social media
platforms, and we undertake no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise.
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Athersys Ellen Gurley Manager of Corporate Communications
and Investor Relations ir@athersys.com
LHA Investor Relations Tirth T. Patel 212-201-6614
tpatel@lhai.com
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