REMINDER & UPDATE: Atossa Genetics (ATOS) Proposed Rights Offering ***Record Date Is May 9, 2018***
Seattle based Atossa Genetics Inc. (NasdaqCM: ATOS), a clinical-stage pharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions, published a reminder today that confirmed the record date for its proposed rights offering is May 9, 2018. In order to be a shareholder of record for this offering, Atossa stock must be purchased by market close on May 7, 2018 (TODAY), to account for two-day settlement.
Atossa has engaged Maxim Group LLC as dealer-manager in the offering. Further questions about the rights offering or requests for copies of the prospectus, when available, may be directed to Maxim Group LLC at 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, or via email at email@example.com or telephone at (212) 895-3745.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The rights offering, which is expected to commence following the effectiveness of the registration statement, is being made only by means of a written prospectus. A preliminary prospectus relating to and describing the proposed terms of the rights offering has been filed with the SEC as a part of the registration statement and is available on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1488039/000161577418002120/s109466_s1.htm. Copies of the preliminary and final prospectus for the rights offering may be obtained, when available, from Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, email: firstname.lastname@example.org or telephone (212) 895-3745.
Atossa also offered the following summary of the rights offering:
Under the proposed rights offering, Atossa will distribute one non-transferable subscription right for each share of common stock held on the record date. Each right will entitle 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.
The subscription rights are non-transferable and may only be exercised during the anticipated subscription period of Thursday, May 10, 2018 through 5:00 PM ET on Thursday, May 24, 2018, unless extended by Atossa.
Investors are advised to ensure they own Atossa’s stock as of 4:00 PM ET on Monday, May 7, 2018 to be considered a stockholder of record on Wednesday, May 9, 2018, to take into account two-day settlement.
The expected calendar for the rights offering is as follows:
- Monday, May 7, 2018: Ownership Day — in order to be considered a stockholder of record on Wednesday, May 9, 2018, shares should be acquired by this date
- Wednesday, May 9, 2018: Record Date
- Thursday, May 10, 2018: Distribution Date; Subscription Period Begins
- Thursday, May 24, 2018: Subscription Period Ends 5:00 PM ET (unless extended at Atossa’s sole discretion)
- Holders who exercise their subscription rights in full will be entitled, if available, to subscribe for additional units that are not purchased by other shareholders, on a pro-rata basis and subject to ownership limitations.
Maxim Group LLC issued an updated research report Thursday, May 3, 2018, which contained a $10 target price.
Atossa (ATOS) shares are currently trading at $4.17 up 5.23% today.
Atossa announced recently that it had received approval from the Swedish Medical Products Agency (MPA) to conduct a Phase 2 Study of its proprietary topical Endoxifen for the treatment of women with mammographic breast density or MBD.
The Phase 2 Study will be conducted at Stockholm South General Hospital in Sweden and will be led by principal investigator Dr. Per Hall, MD, Ph.D., Head of the Department of Medical Epidemiology and Biostatistics at Karolinska Institutet. Atossa plans to open the study for enrollment this quarter. The primary endpoint is individual change in MBD, which will be measured after three and six months of entering the study, and the secondary endpoints are safety and tolerability. Ninety participants will be randomized to one of three groups (one placebo group and two groups on different doses of topical Endoxifen) with 30 participants per group. The objective of the study is to determine the effect size of breast density between the topical and active groups, which will permit sample size calculations in a future Phase III study. (Read Full Story)