Aridis Pharmaceuticals, Inc. (OTC: ARDS ), a biopharmaceutical company focused on the discovery and development of novel anti-infective therapies for treating life-threatening infections, today announced the pricing of an offering of 10,000,000 shares of the Company’s common stock (or pre-funded warrants in lieu thereof) and accompanying warrants to purchase up to 10,000,000 shares of common stock at a combined offering price of $0.20 per share of common stock (or pre-funded warrant) and accompanying warrant. Each warrant will have an exercise price per share of $0.20, will be exercisable immediately and will terminate on the five year anniversary of the date of issuance. The closing of the offering is expected to occur on or about August 4, 2023, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering are expected to be $2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. Aridis Pharmaceuticals currently intends to use the net proceeds from the offering for working capital and general corporate purposes.
The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-272128) originally filed with the Securities and Exchange Commission (“SEC”) on May 22, 2023 and declared effective on August 1, 2023. The offering is being made only by means of a prospectus, which is part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC. Electronic copies of the final prospectus, when available, may be obtained on the SEC’s website at https://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at email@example.com.
The Company also has agreed that certain existing warrants to purchase up to an aggregate of (i) 2,473,778 shares of the Company’s common stock that were previously issued in August 2021, as amended, at an exercise price of $2.00 per share and (ii) 7,207,208 shares of the Company’s common stock that were previously issued in October 2022, at an exercise price of $1.11 per share, will be amended effective upon the closing of the offering, such that the amended warrants will have a reduced exercise price of $0.20 per share and a termination date on the five year anniversary of the closing date of the offering.
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 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 jurisdiction.
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