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Investing.com -- Akari Therapeutics PLC (NASDAQ:AKTX) stock tumbled 13% Wednesday after the oncology biotechnology company announced a registered direct offering of American Depositary Shares (ADSs) priced at a discount to market value.
The company is selling 3,125,000 ADSs at $0.80 each, with each ADS representing 2,000 ordinary shares. The offering price represents a discount to recent trading levels, which appears to have triggered the stock’s decline.
In addition to the ADS sale, Akari will issue unregistered warrants in a concurrent private placement. This includes Series E Warrants to purchase up to 3,125,000 ADSs at $0.98 per share, exercisable upon shareholder approval with a five-year term, and Series F Warrants for the same number of shares with a thirty-month term.
The company expects to raise approximately $2.5 million in gross proceeds from the offering, which is anticipated to close around October 16, 2025, subject to customary closing conditions. Ladenburg Thalmann & Co. Inc. is serving as the exclusive placement agent.
Akari plans to use the net proceeds for working capital, general corporate purposes, and continued research and development. The company specifically highlighted its intention to generate differentiated data on its novel antibody drug conjugate (ADC) payload, with new data scheduled for presentation at the Society for Immunotherapy Cancer Society Annual Meeting in early November.
The offering comes as Akari continues to develop its pipeline of novel payload antibody drug conjugates for oncology applications.
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