Acer Therapeutics announced that it has entered into definitive agreements with its CEO as well as its Chairman for a private placement of its securities for gross proceeds of $1.5 million. On November 29, 2022, Acer entered into a securities purchase agreement for the sale and issuance of an aggregate of 1,229,508 shares of the Company’s common stock, for an aggregate purchase price of $1,499,999.76, in a private placement transaction at a price per share of $1.22, which represented a 5.2% premium to the $1.16 closing price of the common stock on that day. The investors are Chris Schelling, CEO and Founder of Acer, and Steve Aselage, Chairman of Acer’s Board of Directors. The private placement is scheduled to close on or about December 2, 2022, subject to the satisfaction or waiver of customary closing conditions. The proceeds from the private placement will be used by Acer for working capital and general corporate purposes and, together with Acer’s existing cash and cash equivalents, are expected to be sufficient to fund the Company’s anticipated operating and capital requirements through the fourth quarter of 2022.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on ACER:
- Acer Therapeutics Announces $1.5M Private Placement
- Acer Therapeutics reports Q3 EPS (31c), consensus (68c)
- Acer Therapeutics Reports Q3 2022 Financial Results and Provides Corporate Update
- Acer Therapeutics Receives Notice of Allowance of Key US Patent Application Covering EDSIVO™ (celiprolol)
- Acer Therapeutics Announces University of North Carolina Receives Department of Defense Grant to Support the Proposed Investigator Sponsored OASIS Trial of ACER-801 (Osanetant) to Reduce the Frequency and Severity of Post-Traumatic Stress Disorder