Alligator Biosciences Finalizes Rights Issue Terms
Alligator Bioscience, a biotechnology company, has announced the specifics of its planned rights issue totaling SEK 280 million. The subscription price has been set at SEK 0.1 per unit, equivalent to SEK 0.01 per share. This strategic move is designed to bolster the company's financial resources for several key initiatives.
Key Details of the Rights Issue
- Subscription Price: SEK 0.1 per unit (SEK 0.01 per share)
- Unit Composition: Each unit includes ten ordinary shares, ten warrants TO 12, and five warrants TO 13.
- Rights Allocation: One share grants 37 unit rights, with ten unit rights required to subscribe for one unit.
- Market Context: The closing price prior to the announcement was SEK 0.2005.
Financial Implications and Use of Proceeds
If fully subscribed, the rights issue is expected to raise approximately SEK 281 million before issue costs. The proceeds are earmarked for several purposes:
- Development of Mitazalimab: Advancing the drug towards phase 3 clinical trials.
- Partnership and Pre-commercialization Activities: Securing a partnership for mitazalimab and preparing for its market introduction.
- Corporate and Restructuring Costs: Covering general corporate expenses and restructuring efforts.
- Debt Settlement: Repaying bridge loans and loans to Fenja Capital II.
Subscription and Underwriting Commitments
Approximately 6% of the rights issue is covered by subscription commitments, with an additional 44% secured through underwriting commitments. This ensures that the issue is half-secured, providing a solid foundation for the fundraising effort.
Timeline
- Last Trading Day with Preferential Rights: January 23
- Subscription Period: January 29 to February 12
This rights issue represents a pivotal step for Alligator Biosciences in its quest to advance mitazalimab through critical development phases and secure its position in the competitive pharmaceutical landscape.
