Elicio Therapeutics prices 1.26M shares at $7.925 in registered direct offering

Elicio Therapeutics (ELTX) has entered into definitive securities purchase agreements with institutional investors for the purchase of an aggregate of 1,261,830 shares of its common stock and accompanying warrants to purchase up to an aggregate of 1,261,830 shares of its common stock, at a purchase price of $7.925 per share and accompanying warrant in a registered direct offering priced at-the-market under Nasdaq rules. The warrants will have an exercise price of $7.80 per share, will be exercisable immediately upon issuance, and will expire five years from the initial exercise date. The closing of the Offering is expected to occur on or about January 30, 2025, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The aggregate gross proceeds to the Company from the Offering are expected to be approximately $10M, before deducting the placement agent fees and other offering expenses payable by the Company. The Company currently intends to use the net proceeds from the Offering for working capital and other general corporate purposes.