NEWTON, Mass., Might 04, 2022 (Globe NEWSWIRE) — Allena Prescribed drugs, Inc. (NASDAQ: ALNA), a late-stage, biopharmaceutical business committed to building and commercializing first-in-class, oral enzyme therapeutics to treat patients with exceptional and critical metabolic and kidney problems, currently announced that it has entered into a securities purchase arrangement with an investor for the issuance and sale of an combination of 1,436.0688 shares of its Collection D Convertible Chosen Stock, and 1,436.0688 shares of its Collection E Convertible Most well-liked Inventory in a registered direct presenting for an combination gross proceeds of about $2.8 million, before deducting placement agent fees and other offering charges. The shares of Sequence D Convertible Most popular Stock and Sequence E Convertible Preferred Inventory just about every have a stated worth of $1,000 per share and are convertible into an aggregate of 8,975,430 shares of prevalent stock of the Company on the conversion of the Series D Convertible Favored Inventory and into an mixture of 8,975,430 shares of frequent inventory of the Business upon the conversion of the Sequence E Convertible Favored Inventory, in just about every scenario, at a conversion selling price of $.16 for each share.
H.C. Wainwright & Co. is performing as the exceptional placement agent for the providing.
The Enterprise has declared a file date of May possibly 4, 2022 for a specific conference of stockholders for the acceptance of a proposal to effect a reverse split of its frequent inventory (the “Proposal”). The Collection D Convertible Desired Inventory has voting legal rights on the Proposal equal to the variety of shares of common stock into which the Series D Convertible Most well-liked Inventory is convertible based mostly on a rate of $.1693 for each share, for every Nasdaq voting demands. The Collection E Convertible Desired Inventory has voting legal rights on the Proposal equal to 1,000,000 votes for every share of Collection E Convertible Most popular Inventory, furnished that, in accordance with Nasdaq listing policies, any votes forged by the Series E Convertible Desired Inventory with regard to the Proposal should be counted by the Organization in the identical proportion as the shares of widespread stock and Collection D Convertible Most well-liked Stock that voted on the Proposal. The shares of the Collection D Convertible Favored Inventory and Series E Convertible Most well-liked Stock are convertible at the selection of the holder at any time adhering to the date of issuance.
The closing of the providing is envisioned to happen on May well 4, 2022, topic to the satisfaction of customary closing ailments.
Allena currently intends to use the web proceeds from the offering for performing capital reasons which could include things like reimbursement of credit card debt.
In a concurrent personal placement, the Company also agreed to problem to the investor in the registered immediate giving unregistered warrants to purchase up to an mixture of 22,438,575 shares of our typical stock, at an exercising price tag of $.1694 for every share, which are exercisable 6 months subsequent the day of issuance, and will expire 5 decades from the preliminary exercising date.
The Sequence D and Collection E Convertible Chosen Stock described earlier mentioned and the fundamental shares of Frequent Inventory (but not the warrants or the shares of prevalent stock fundamental the warrants) are staying offered pursuant to a “shelf” registration assertion on Form S-3 (Registration No. 333-255837), which was declared productive by the Securities and Exchange Commission (the “SEC”) on May possibly 12, 2021. The featuring of the securities is built only by usually means of a prospectus, which include a prospectus nutritional supplement, forming a aspect of the powerful registration statement. A remaining prospectus nutritional supplement and accompanying prospectus relating to the securities staying made available will be filed with the SEC. Electronic copies of the final prospectus nutritional supplement and the accompanying prospectus relating to the supplying may perhaps be acquired, when offered, on the SEC’s web site at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, or by contacting (212) 856-5711 or by emailing [email protected]
The warrants issued in the concurrent private placement and the shares of common stock underlying the warrants are getting presented in a non-public placement under Segment 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and have not been registered below the Act or applicable state securities regulations. Accordingly, the warrants and underlying shares of widespread stock may not be offered or sold in the United States except pursuant to an efficient registration assertion or an applicable exemption from the registration demands of the Act and these types of relevant condition securities laws.
This press release shall not constitute an present to offer or a solicitation of an offer to invest in these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such supply, solicitation or sale would be unlawful prior to the registration or qualification beneath the securities rules of any these kinds of state or other jurisdiction.
About Allena Pharmaceuticals, Inc.
Allena Prescription drugs, Inc. is a biopharmaceutical organization devoted to finding, acquiring and commercializing initial-in-class, oral biologic therapeutics to handle clients with rare and serious metabolic and kidney issues.
Ahead On the lookout Statements
Particular info contained in this push release features “forward-searching statements” within the that means of The Personal Securities Litigation Reform Act of 1995, such as statements associated to the completion of the registered immediate providing, our meant use of proceeds from the giving, registered direct providing and specific meeting of shareholders. We may possibly, in some conditions, use conditions this sort of as “predicts,” “thinks,” “possible,” “continue,” “anticipates,” “estimates,” “expects,” “designs,” “intends,” “may perhaps,” “could,” “might,” “will,” “ought to” or other terms that express uncertainty of the foreseeable future events or outcomes to establish these ahead-wanting statements. Our ahead-looking statements are centered on recent beliefs and expectations of our management group that involve threats, likely adjustments in situation, assumptions, and uncertainties. Any or all of the ahead-seeking statements might transform out to be wrong or be impacted by inaccurate assumptions we could make or by regarded or not known pitfalls and uncertainties as a final result of different essential factors, which include the uncertainties connected to current market disorders and the completion of the offering on the expected conditions or at all, the fulfillment of customary closing circumstances linked to the registered immediate presenting and numerous other components. For a additional in-depth description of the challenges and uncertainties that could induce precise results to vary from those people expressed in these forward-hunting statements, as perfectly as dangers relating to our small business in typical, please refer to our most new Yearly Report on Form 10-K You are cautioned not to place undue reliance on these ahead-on the lookout statements, which are built only as of the date of this press release. We undertake no obligation to publicly update these ahead-looking statements to replicate subsequent occasions or conditions.
LifeSci Advisors, LLC