Aptevo to sell 5.34M shares a 51.5c in offering priced at-the-market

Aptevo Therapeutics has entered into securities purchase agreements with certain healthcare-focused and institutional investors to purchase 5,339,806 shares of its common stock or pre-funded warrants in lieu thereof and warrants to purchase up to an aggregate of 10,679,612 shares of its common stock at a purchase price of $0.515 per share and associated Common Warrant in a registered direct offering priced at-the-market under Nasdaq rules. Each share of common stock is being offered together with two Common Warrants, each to purchase one share of common stock. The Common Warrants will have an exercise price of $0.515 per share, are exercisable upon stockholder approval, and will expire five years following the date stockholder approval. The offering is expected to close on or about July 1, 2024, subject to customary closing conditions. Roth Capital Partners is acting as placement agent of the offering. Dawson James Securities, Inc. is acting as co-agent. Gross proceeds, before deducting placement agent fees and commissions and offering expenses, are expected to be approximately $2.3 million. The company intends to use the net proceeds from the offering for the continued clinical development of its product candidates, working capital, and other general corporate purposes.