Aptevo Therapeutics Inc. Announces Pricing of $5 Million Public Offering

SEATTLE, WA / ACCESSWIRE / August 1, 2023 / Aptevo Therapeutics Inc. (NASDAQ:APVO) ("Aptevo" or the "Company"), a clinical stage biotechnology company focused on developing novel immuno-oncology therapeutics, today announced that the Company has entered into definitive agreements with healthcare-focused institutional investors for the purchase and sale of 8,064,517 shares of common stock (or common stock equivalents in lieu thereof) at a purchase price of $0.62 per share. The Company further agreed to issue to the investors Series A Warrants to purchase up to an aggregate of 8,064,517 shares of common stock and Series B Warrants to purchase up to an aggregate of 8,064,517 shares of common stock. The Series A and Series B Warrants will have an exercise price of $0.62 per share, will be exercisable immediately following the date of issuance and will expire in 2025 and 2028, respectively.

The closing of the offering is expected to occur on or about August 4, 2023, subject to the satisfaction of customary closing conditions. Gross proceeds from the offering are expected to be approximately $5 million before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds of this offering for working capital purposes.

A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-273067) previously filed with the Securities and Exchange Commission (SEC) which became effective on August 1, 2023. The offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the offering may be obtained on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus relating to the offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at [phone], or by email at [e-mail].

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.