Aravive launches ~$10M stock and warrant offering

Mar. 30, 2022 8:12 AM ETAravive, Inc. (ARAV)By: Preeti Singh, SA News Editor
  • Aravive (NASDAQ:ARAV) has announced a ~$10M registered direct offering priced at-the-market under Nasdaq rules.
  • The oncology firm entered into definitive agreements with a single healthcare-focused institutional investor and Eshelman Ventures to offer 4.85M shares of its common stock and warrants to purchase up to 4.85M shares of common stock.
  • The purchase price per share and accompanying warrant is $2.005 for the institutional investor and $2.325 for Eshelman Ventures.
  • The warrants to be issued to the institutional investor will be immediately exercisable at $1.88 per share and will expire five years following the issuance date.
  • The warrants to be issued to Eshelman Ventures will be exercisable upon the approval by the stockholders of the company of previously issued securities (at $2.20/share) and will expire five years following the issuance date.
  • Gross proceeds are expected to be ~$10M; net proceeds will support clinical development of batiraxcept in platinum resistant ovarian cancer and clear cell renal cell carcinoma.
  • Offering is expected to close on Mar. 31, 2022.

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