Allarity Therapeutics Completes Oversubscribed Rights Issue
– Allarity raises SEK 102.8 million before issue costs to further finance
the development of three high-priority pipeline programs
– The Rights Issue of Units was subscribed for approximately 106 percent, without
the use of guarantors’ commitments
Hørsholm, Denmark (10 June 2021) Allarity Therapeutics A/S (“Allarity” or the “Company”) today announced the outcome of the Rights Issue of Units, consisting of shares and warrants series TO 3, resolved upon by the Board of Directors on 19 May 2021 (the “Offering”). The Offering has been subscribed for to a total of 105.96 percent. Of the total units available in the Offering approximately 71.3 percent was subscribed for with preferential rights, and approximately 34.7 percent was subscribed for without preferential rights under the terms disclosed in the EU growth prospectus published on 19 May 2021 (the “Prospectus”). Due to the high subscription rate, totaling approximately 106 percent, underwriting guarantee undertakings are not activated.
The subscription period of the Offering ended on 8 June 2021. The final outcome is that a total of 120,891,157 units have been subscribed for through the Offering and the Company will thus receive approximately SEK 102.8 million before issue costs. Upon full exercise of all warrants of series TO 3, the Company may be provided with an additional capital injection of up to a total of approximately SEK 205.5 million. The warrants series TO 3 may be exercised in five (5) two-week exercise windows during 2021-2023 with the latest exercise window ending on 15 April 2023 as specified in the Prospectus.
Allarity Therapeutics’ CEO, Steve Carchedi, stated, “I would like to thank everyone who is participating in this capital raise, since without your support, patience, and forward-looking mindset it would not be possible to continue to execute our strategy, focusing on commercializing our three high-priority programs: dovitinib, stenoparib and Ixempra. I would also like to note that the oversubscription of this capital raise is really significant, as it indicates that our investor community shows renewed confidence in our Company. A special thanks to the many long-term shareholders who chose to participate in this rights issue, who have subscribed for the largest part of the new shares in this issue, and at the same time I also warmly welcome those new Allarity investors. Backed by this solid equity financing, Allarity is now very well positioned to continue towards reaching multiple significant milestones with our priority pipeline programs in the remainder of this year and the next year.”