On April 12, 2022 Kintara Therapeutics, Inc. (Nasdaq: KTRA) ("Kintara" or the "Company"), a biopharmaceutical company focused on the development of new solid tumor cancer therapies reported that it has entered into definitive agreements with institutional investors for the purchase and sale of 16,226,416 shares of the Company’s common stock (the "Shares") and warrants to purchase 16,226,416 shares of the Company’s common stock (the "Warrants") at a combined purchase price of $0.53 per Share and related Warrant in a registered direct offering priced at-the-market under Nasdaq rules for gross proceeds of approximately $8.6 million, before deducting fees and other offering expenses (Press release, Kintara Therapeutics, APR 12, 2022, View Source [SID1234612076]). The Warrants will have an exercise price of $0.41 per share, will be exercisable immediately and will expire five years from the date of issuance. The closing of the offering is expected to occur on or about April 14, 2022, subject to the satisfaction of customary closing conditions.
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A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.
The Company currently intends to use the net proceeds from the offering for funding its clinical studies, working capital and other general corporate purposes, including, but not limited to, funding acquisitions or investments in businesses, products or technologies that are complementary to the Company’s businesses, products and technologies.
The securities described above are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-254662) filed with the Securities and Exchange Commission (SEC) on March 24, 2021 and declared effective on April 1, 2021. The offering of the securities described herein will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC and will be available on the SEC’s website located at View Source Electronic copies of the prospectus supplement 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 [email protected].
This press release shall not constitute an offer to sell or a 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.