Aeon Biopharma prices 40M units at 50c in underwritten public offering

AEON Biopharma (AEON) announced the pricing of a firm commitment underwritten public offering with gross proceeds to the Company expected to be approximately $20M, before deducting underwriting fees and other estimated offering expenses payable by the Company. The offering consists of 40,000,000 Common Units, each consisting of one share of Common Stock or one Pre-Funded Warrant, one Series A Registered Common Warrant to purchase one share of Common Stock per warrant at an exercise price of $0.625. The public offering price per Common Unit is $0.50. The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of Common Units in the offering will be decreased on a one-for-one basis. The initial exercise price of each Series A Warrant is $0.625 per share of Common Stock. The Series A Warrants are exercisable following stockholder approval and expire sixty months thereafter. The number of securities issuable under the Series A Warrants is subject to adjustment as described in more detail in the report on the Company’s Current Report on Form 8-K filed with the SEC in connection with the offering. The initial exercise price of each Series B Warrant is $0.625 per share of Common Stock or pursuant to an alternative cashless exercise option. The Series B Common Warrants are exercisable following stockholder approval and expire thirty months thereafter. Solely to cover over-allotments, if any, the Company has granted Aegis Capital a 45-day option to purchase additional shares of Common Stock and/or Warrants of up to 15.0% of the number of shares of Common Stock sold in the offering, up to 15.0% of the number of Series A Warrants sold in the offering and up to 15.0% of the number of Series B Warrants sold in the offering. The purchase price to be paid per additional share of Common Stock will be equal to the public offering price of one Common Unit, less the underwriting discount. The purchase price to be paid per additional Warrant will be $0.001. Aggregate gross proceeds to the Company are expected to be approximately $20.0 million. The transaction is expected to close on or about January 7, 2025, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital. Aegis Capital Corp. is acting as the sole book-running manager for the Offering on a firm commitment basis.