NEW YORK, April 14, 2020 /PRNewswire/ -- AIkido Pharma
Inc. (Nasdaq: AIKI) ("AIkido" or the "Company"), today announced
that it has entered into definitive agreements with several
institutional and accredited investors for the purchase and sale of
14,000,000 shares of AIkido's common stock, at a purchase price
of $1.00 per share, in a registered direct offering
priced at-the-market under Nasdaq rules. The closing of the
offering is expected to occur on or about April 16, 2020,
subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The gross proceeds to AIkido from this offering are expected to
be $14.0 million, before deducting
the placement agent's fees and other estimated offering expenses
payable by AIkido. The Company intends to use the net proceeds from
this offering for working capital and general corporate
purposes.
The shares of common stock are being offered by AIkido pursuant
to a "shelf" registration statement on Form S-3 (File No.
333-222488) previously filed with the Securities and Exchange
Commission (the "SEC") on January 9, 2018 and declared
effective by the SEC on January 19, 2018. The offering will be
made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and accompanying prospectus relating
to the shares of common stock being offered will be filed with the
SEC. Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained, when available, on the
SEC's website at http://www.sec.gov or by
contacting H.C. Wainwright & Co., LLC at 430 Park
Avenue, 3rd Floor, New York, NY 10022, by phone at (646)
975-6996 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a
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.
About AIkido
AIkido was initially formed in 1967 and is a biotechnology
company with a diverse portfolio of small-molecule anti-cancer
therapeutics. The Company's platform consists of patented
technology from leading universities and researchers and we are
currently in the process of developing an innovative therapeutic
drug platform through strong partnerships with world renowned
educational institutions, including The University of Texas at Austin and Wake Forest University. Our diverse pipeline of
therapeutics includes therapies for pancreatic cancer, acute
myeloid leukemia (AML) and acute lymphoblastic leukemia (ALL). In
addition, we are constantly seeking to grow our pipeline to treat
unmet medical needs in oncology
Forward-Looking Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue,"
"predict," "forecast," "project," "plan," "intend" or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. While the Company
believes these forward-looking statements are reasonable, undue
reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward looking statements are based
upon current estimates and assumptions and are subject to various
risks and uncertainties, including without limitation those set
forth in the Company's filings with the SEC, not limited to Risk
Factors relating to its business contained therein. Thus, actual
results could be materially different. Particular uncertainties and
risks include: our ability to satisfy the closing conditions of the
registered direct offering, the closing of the registered direct
offering; the use of proceeds of the offering and market and other
conditions. The Company expressly disclaims any obligation to
update or alter statements whether as a result of new information,
future events or otherwise, except as required by law.
Contact:
Investor
Relations:
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Hayden IR
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Brett Maas, Managing
Partner
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Phone: (646)
536-7331
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Email:
brett@haydenir.com
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www.haydenir.com
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AIkido:
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Phone:
212-745-1373
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Email:
investorrelations@AIkido.com
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www.AIkido.com
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SOURCE AIkido Pharma Inc.