Allarity Therapeutics Announces that All Series A Preferred and All Variable Priced Warrants have Converted to Common Stock
07 Maggio 2024 - 3:30PM
- Conversions Eliminate All Variable Priced
Derivative Securities
- Conversions Eliminate Any Market Overhang from
Warrants
- Series A Preferred and Warrant Conversions were
Investor Initiated
- Limited Number of Warrants Convertible at $20
Per Share Remain
- Company Has Paid Off All Bridge Notes in
Full
Boston (May 7, 2024)—Allarity Therapeutics,
Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR), a clinical-stage
pharmaceutical company dedicated to developing personalized cancer
treatments, today announced that its capital structure has been
simplified. This was achieved by the recent investor-initiated
conversion of all outstanding Series A Preferred Stock into common
stock, resulting in a single class of shares outstanding, and the
conversion of 93% of the Company’s outstanding warrants, including
all variable-priced warrants. Following this reduction, the Company
reports that only a limited number of warrants remain unexercised,
specifically 256,667 warrants, each with a fixed exercise price of
$20 per share. Furthermore, the Company informs that it has fully
paid off all bridge notes, totaling $1,746,630, including principal
and accrued interest.
Thomas Jensen, CEO of Allarity Therapeutics, stated, “The
successful conversion of these securities by our investors is a key
milestone, as it streamlines our financial architecture and may
enhance the attractiveness of our stock. Understanding the
investment case for biotech companies like ours can be complex for
investors at all levels. Therefore, we are very pleased with this
development, as it allows us to focus more on sharing information
about our lead asset, stenoparib, and less on explaining the
intricacies of our capital structure going forward.”
About Allarity TherapeuticsAllarity
Therapeutics, Inc. (NASDAQ: ALLR) is a clinical-stage
biopharmaceutical company dedicated to developing personalized
cancer treatments. The Company is focused on development of
stenoparib, a novel PARP/Tankyrase inhibitor for advanced ovarian
cancer patients, using its DRP® companion diagnostic for patient
selection in the ongoing phase 2 clinical trial, NCT03878849.
Allarity is headquartered in the U.S., with a research facility in
Denmark, and is committed to addressing significant unmet medical
needs in cancer treatment. For more information, visit
www.allarity.com.
Follow Allarity on Social MediaLinkedIn:
https://www.linkedin.com/company/allaritytx/X:
https://twitter.com/allaritytx
Forward-Looking Statements This press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements provide the Company’s current expectations or forecasts
of future events. The words “anticipates,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,”
“possible,” “potential,” “predicts,” “project,” “should,” “would”
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking. These forward-looking statements include, but
are not limited to, the implications of the changes to our capital
structure for share price development. Any forward-looking
statements in this press release are based on management’s current
expectations of future events and are subject to multiple risks and
uncertainties that could cause actual results to differ materially
and adversely from those set forth in or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to the risk that the remaining unexercised
warrants could affect our stock’s performance and the impact of
market reactions to the conversions. For a discussion of other
risks and uncertainties, and other important factors, any of which
could cause our actual results to differ from those contained in
the forward-looking statements, see the section entitled “Risk
Factors” in our Form S-1 registration statement filed on April 17,
2024, and our Form 10-K annual report on file with the Securities
and Exchange Commission (the “SEC”), available at the SEC’s website
at www.sec.gov, and as well as discussions of potential risks,
uncertainties and other important factors in the Company’s
subsequent filings with the SEC. All information in this press
release is as of the date of the release, and the Company
undertakes no duty to update this information unless required by
law.
###
Company Contact:
investorrelations@allarity.com
Media
Contact: Thomas
Pedersen Carrotize
PR &
Communications +45
6062 9390 tsp@carrotize.com
- Allarity Therapeutics Press Release - Capital Structure
Simplified
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