Beyond Air announces $35 million at-the-market offering

GARDEN CITY, NY - Beyond Air, Inc. (NASDAQ:XAIR), a medical device company specializing in the design and development of therapeutic products, has entered into a sales agreement to potentially sell up to $35 million of its common stock through an at-the-market equity offering, as per a recent SEC filing. According to InvestingPro data, the company, currently valued at $34.78 million, has been quickly burning through cash despite maintaining a healthy current ratio of 3.56, indicating strong short-term liquidity. InvestingPro analysis suggests the stock is currently undervalued, making this offering particularly noteworthy for investors tracking undervalued opportunities.

The agreement, dated February 14, 2025, was made with BTIG, LLC, acting as the sales agent. The company, which was previously known as AIT Therapeutics , Inc. and KokiCare, Inc., has the discretion to sell shares of its common stock, par value $0.0001 per share, from time to time. While the stock has experienced a significant decline of about 80% over the past year, InvestingPro analysts project substantial revenue growth of nearly 349% for the current fiscal year, with expectations of profitability this year. For detailed analysis and 12 additional ProTips about Beyond Air, investors can access the comprehensive Pro Research Report on InvestingPro.

The sales will be conducted under Beyond Air's Registration Statement on Form S-3, filed on January 31, 2025, and declared effective by the SEC on February 10, 2025, along with the prospectus supplement filed today. However, due to the company's public float as of today, the February 2025 Prospectus Supplement currently registers the sale of shares with an aggregate gross sales price of up to $9,892,518. If the public float increases, allowing for additional sales, Beyond Air will file another prospectus supplement.

BTIG, LLC will execute sales by methods deemed to be an "at the market offering" and will be compensated with a commission of up to three percent of the gross sales proceeds. Beyond Air has also agreed to provide certain indemnification rights to BTIG, LLC.

The company has clarified that there is no obligation to sell any shares and the offering will end upon the sale of all shares under the agreement or its termination according to the terms set forth.

This report is based on statements from a press release and does not serve as an offer to sell or a solicitation of an offer to buy any securities. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

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