On September 14, 2021 Allarity Therapeutics A/S ("Allarity" or the "Company") reported the outcome of the exercise of the warrants of series ALLR TO 3 that were issued in connection with the Company’s issue of units in June 2021 (Press release, Allarity Therapeutics, SEP 14, 2021, View Source [SID1234587747]). In total, 9,719,266 warrants of series TO 3 were exercised, corresponding to approximately 6.7 percent of the total number of outstanding warrants, for subscription of 9,719,266 shares at a subscription price of SEK 1.7 per share. Through the exercise of the warrants, Allarity will receive approximately SEK 16.5 million (U.S. $1.9 million) before issuing costs amounting to approximately SEK 1.8 million.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Chairman of Allarity’s Board of Directors Duncan Moore (who exercised 283,407 warrants) and the Company’s largest shareholder, Sass & Larsen ApS, were among the subscribers.
The exercise period for the warrants of series TO 3 took place from August 30 up to and including September 13, 2021. The accelerated exercise period was established, as previously announced, due to the Board of Directors’ determination that it was in the best interest of all shareholders as part of the Company’s plan to move to the U.S. Nasdaq stock market and to meet the requirements of the previously announced U.S. $20 Million recapitalization investment with 3i LP (New York).
Exercised warrants will be replaced with interim shares, pending registration with the Danish Business Authority. The interim shares are expected to be converted to shares within approximately two (2) weeks. Through the exercise, the number of shares in the Company increase from 390.063.114 shares to 399.782.380 shares, and the share capital increase by DKK 485,963.3, from DKK 19.503.155,70 to DKK 19,989,119.00.
Steve Carchedi, CEO of Allarity, commented, "I am pleased that our Company has completed the exercise of series TO 3 warrants, as this step is to secure our foundational investment by 3i LP and will support our migration to the U.S. Nasdaq stock market, which I believe will enable us to unlock the true value of our Company."