On September 28, 2018 Altimmune, Inc. (Nasdaq: ALT), a clinical-stage immunotherapeutics company, reported the pricing of an underwritten public offering of common units and pre-funded units for a combined total of 2,400,000 units (Press release, Altimmune, SEP 28, 2018, View Source [SID1234529901]). Each common unit is being sold at a public offering price of $5.00 and consists of a share of its common stock and a warrant to purchase one share of common stock at an exercise price of $6.00. Each warrant will be exercisable immediately and will expire five years from the date of issuance. Each pre-funded unit consists of a pre-funded warrant to purchase one share of our common stock at an exercise price of $0.01 per share and a warrant. The purchase price of each Pre-funded Unit is equal to the price per common unit being sold to the public in this offering, minus $0.01. The pre-funded warrants will be immediately exercisable and may be exercised at any time until all of the pre-funded warrants are exercised in full.
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Roth Capital Partners is acting as sole manager for the offering.
Expected gross proceeds are expected to be approximately $12 million before the underwriting discount and offering expenses payable by Altimmune. In addition, Altimmune has granted the underwriters a 30-day overallotment option to purchase up to 15% of the securities issued in the offering.
The offering is expected to close on or about October 2, 2018, subject to customary closing conditions. Altimmune intends to use the net proceeds from this offering for the continued advancement of development activities for our clinical-stage product pipeline, general corporate purposes, strategic growth opportunities and repayment of our outstanding $1.5 million in aggregate principal amount of convertible notes.
The securities described above are being offered by Altimmune pursuant to a registration statement on Form S-1 (File No. 333-226441) that was declared effective by the Securities and Exchange Commission (SEC) on September 27, 2018. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s web site at www.sec.gov. Copies of the final prospectus relating to this offering may be obtained, when available, by contacting Roth Capital Partners, LLC, Attention: Equity Capital Markets, 888 San Clemente Drive, Suite 400, Newport Beach, California 92660, by telephone at (800) 678-9147 or e-mail at [email protected].
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.