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Stealth Biotherapeutics Announces $8.5 Million In Equity Financings

Apr 11, 2022about 3 years ago

Amount Raised

$8.5 Million

Boston

Description

Stealth BioTherapeutics Corp (Nasdaq: MITO) (the "Company"), a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced that it has entered into a definitive agreement with a single healthcare-focused institutional investor to purchase in a registered direct offering 5,583,028 American Depositary Shares (the "Registered ADSs"), representing 66,996,336 ordinary shares of the Company, at a purchase price of $0.6269 per Registered ADS for gross proceeds of approximately $3.5 million, before deducting placement agent fees and other offering expenses payable by the Company. Each ADS represents 12 ordinary shares. In a concurrent private placement, the Company also agreed to issue to the purchaser of the Registered ADSs a warrant to purchase up to 44,217,588 ordinary shares of the Company, representing 3,684,799 American Depositary Shares. The warrant will have an exercise price of $0.6269 per American Depositary Share, will be exercisable six (6) months from that date of issuance, and will expire five years from the initial exercise date

Company Information

Company

Stealth Bio Therapeutics

Location

Boston, Massachusetts, United States

About

The Company has agreed to file a registration statement with the SEC covering the resale of the American Depositary Shares representing the ordinary shares issuable upon exercise of the warrant issued in the concurrent private placement to the purchaser of Registered ADSs.