Atossa Therapeutics, Inc. (Nasdaq: ATOS) stock dropped down -38.46 to $0.88 in the Early hour’s session today after a clinical-stage biopharmaceutical corporation looking to find and grow novel drugs in areas of substantial unmet medical need with a current emphasis on breast cancer and COVID-19, revealed the offering of an underwritten public offering with estimated cumulative gross proceeds of $20.0 million before deducting underwriting discounts, commissions.
The shares issued by the Corporation comprise of I 14,575,000 shares, each consisting of one share of common stock and 0,75 Warrants for the acquisition of one share of common stock for $1.00 each unit and (ii) 5,425 units, each consisting of one share of Series C Convertible Preferred Stock with a fixed valuation of $1,000 each share and convexed. The Warrants will have an exercise price of $1.00 per share, will be automatically enforceable, and will expire four years from the date of issue.
Shares of Common Stock, Preferred Stock, and associated Warrants can only be acquired together in the bid but will be distributed separately and will be instantly separable upon issuance. According to the standard closing terms, the offer is scheduled to close on or around 11 December 2020.
Following the deal, Maxim Group LLC serves as the sole book manager.
Atossa Therapeutics has given Maxim Group LLC a 45-day option to buy up to an extra 3,000,000 shares of Common Stock and Warrants to purchase up to an additional 2,250,000 shares of Common Stock a public offering price of fewer discounts and commissions.