Rani Therapeutics Announces Termination of Public Offering of Class A Common Stock
August 11 2022 - 11:47PM
Rani Therapeutics Holdings, Inc. (“Rani Therapeutics” or the
“Company”) (Nasdaq: RANI), a clinical-stage biotherapeutics company
focused on the oral delivery of biologics and drugs, today
announced that it has terminated the underwritten public offering
of its Class A common stock previously announced on August 10,
2022. The termination results from an assessment by the Company's
management that current market conditions are not conducive for an
offering on terms that would be in the best interests of the
Company's stockholders. As a result of such termination, no shares
of Class A common stock will be sold pursuant to the offering. The
Company believes it has sufficient capital and financial
flexibility to continue to fund its ongoing operations into
mid-2024.
The offering was being made pursuant to a shelf registration
statement on Form S-3 (File No. 333-266444) filed with the
Securities and Exchange Commission (“SEC”), which was declared
effective by the SEC on August 10, 2022. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy these securities, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
Forward-Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements include statements
regarding, among other things, the sufficiency of Rani’s cash
reserves. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are based upon Rani’s current
expectations and involve assumptions that may never materialize or
may prove to be incorrect. Actual results could differ materially
from those anticipated in such forward-looking statements as a
result of various risks and uncertainties, which include, without
limitation, risks and uncertainties associated with Rani’s business
in general, the impact of the COVID-19 pandemic, and the other
risks described in Rani’s filings with the Securities and Exchange
Commission, including Rani’s annual report on Form 10-K for the
year ended December 31, 2021 and subsequent filings and reports by
Rani. All forward-looking statements contained in this press
release speak only as of the date on which they were made and are
based on management’s assumptions and estimates as of such date.
Rani undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date on
which they were made, except as required by law.
Investor Contact:
investors@ranitherapeutics.com
Media Contact:
media@ranitherapeutics.com
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