NEW YORK, May 25, 2018 (GLOBE NEWSWIRE) — Atossa Genetics Inc. (“Atossa” or “the Company”) announced today that the Company’s previously announced rights offering (“the Rights Offering”) expired on Thursday, May 24, 2018 and these rights are no longer exercisable. The Company accepted all valid subscriptions that were presented and estimates that the Rights Offering will result in approximately $13.4 million in gross proceeds. The results of the Rights Offering and Atossa’s estimates regarding the aggregate gross proceeds of the Rights Offering to be received by Atossa are subject to finalization and verification by Atossa and its subscription agent.
Atossa expects the closing of the Rights Offering will occur on or about May 30, 2018 subject to satisfaction or waiver of all conditions to closing. Upon the closing, the subscription agent will distribute, by way of direct registration in book-entry form or through the facilities of DTC, as applicable, shares of its Series B Convertible Preferred Stock and warrants to holders of rights who have validly exercised their rights and paid the subscription price in full. No physical stock or warrant certificates will be issued to such holders.
Each right entitled the holder to purchase one unit, at a subscription price of $1,000 per unit, consisting of one share of Series B Convertible Preferred Stock with a face value of $1,000 (and immediately convertible into 284 shares of common stock at a conversion price of $3.52 per share) and 284 warrants with an exercise price of $4.05. The warrants will be exercisable for 4 years after the date of issuance.
Atossa engaged Maxim Group LLC as dealer-manager in the offering. Questions about the rights offering may be directed to Maxim Group LLC at 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, or via email at firstname.lastname@example.org or telephone at (212) 895-3745.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will 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 registration or qualification under the securities laws of any such state or jurisdiction.
The Rights Offering is being made pursuant to Atossa’s effective registration statement on Form S-1 (Reg. No. 333-223949) on file with the U.S. Securities and Exchange Commission (the “SEC”). The registration statement was declared effective by the SEC on May 9, 2018. The registration statement is available on the SEC’s web site at http://www.sec.gov. The Rights Offering is being made only by means of a written prospectus forming part of the effective registration statement. Copies of the written prospectus for the Rights Offering may be obtained from Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, email: email@example.com or telephone (212) 895-3745.
About Atossa Genetics
Atossa Genetics Inc. is a clinical-stage pharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions. For more information, please visit www.atossagenetics.com.
Forward-looking statements in this press release, which Atossa undertakes no obligation to update, are subject to risks and uncertainties that may cause actual results to differ materially from the anticipated or estimated future results, including the risks and uncertainties associated with any variation between preliminary and final clinical results, actions and inactions by the FDA, the outcome or timing of regulatory approvals needed by Atossa including those needed to commence studies, lower than anticipated rate of patient enrollment, estimated market size of drugs under development, the safety and efficacy of Atossa’s products and services, performance of clinical research organizations and investigators, obstacles resulting from proprietary rights held by others with respect to fulvestrant, such as patent rights, potential market sizes for Atossa’s drugs under development and other risks detailed from time to time in Atossa’s filings with the Securities and Exchange Commission, including without limitation its periodic reports on Form 10-K and 10-Q, each as amended and supplemented from time to time.
Atossa Genetics Company Contact:
Atossa Genetics Inc.
CFO and General Counsel
(O) 206 556-3238
Investor Relations Contact:
377 Oak Street
Garden City, NY 11530
Office: 516 222-2560
Source: Atossa Genetics Inc.