Checkpoint Therapeutics, Inc. (NASDAQ: CKPT) reported its shares slid to begin the short week. The company, a clinical-stage immunotherapy and targeted oncology company, today announced that it has entered into definitive agreements for the issuance and sale of an aggregate of 1,428,572 shares of its common stock (or common stock equivalents) at a purchase price of $5.25 per share of common stock (or common stock equivalent) in a registered direct offering priced at-the-market under Nasdaq rules.
In addition, in a concurrent private placement, Checkpoint will issue and sell Series A warrants to purchase up to 1,428,572 shares of common stock and Series B warrants to purchase up to 1,428,572 shares of common stock. The Series A warrants will be exercisable immediately upon issuance and will expire five years following the issuance date and have an exercise price of $5.00 per share and the Series B warrants will be exercisable immediately upon issuance and will expire 18 months following the issuance date and have an exercise price of $5.00 per share.
The closing of the offering is expected to occur on or about February 23, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $7.5 million. Checkpoint intends to use the net proceeds of this offering for working capital and general corporate purposes, including the manufacturing of cosibelimab and certain pre-commercial activities in anticipation of potential approval and commercial launch.
CKPT shares let go of 3.7 cents to $4.95.
