$10M Private Placement Priced at $15/Share, Insiders Participate
APLM has more than doubled off its 52-week low of $3.659 on light trading volume (0.1× avg).
Summary
Apollomics announced a $10 million private placement, with $8 million in cash from investors at $15.00 per share and a $2 million note conversion by CEO Hung-Wen Chen at $12.00 per share. The cash price is a modest 17% discount to the last close of $18.16. Insiders including the CEO, CFO, and COO's affiliate are participating. The deal provides critical funding for its lead oncology asset, vebreltinib, in Phase 2 trials. Closing is expected August 14, with no placement agent fees, maximizing net proceeds.
At the time of this announcement, APLM was trading at $18.16 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $39.9M. The 52-week trading range was $3.66 to $42.12. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.