Aridis Pharmaceuticals prices 10M shares at 20c in offering

Aridis Pharmaceuticals announced the pricing of an offering of 10,000,000 shares of the Company’s common stock and accompanying warrants to purchase up to 10,000,000 shares of common stock at a combined offering price of $0.20 per share of common stock and accompanying warrant. Each warrant will have an exercise price per share of $0.20, will be exercisable immediately and will terminate on the five year anniversary of the date of issuance. The closing of the offering is expected to occur on or about August 4, 2023, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from the offering are expected to be $2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. Aridis Pharmaceuticals currently intends to use the net proceeds from the offering for working capital and general corporate purposes. The Company also has agreed that certain existing warrants to purchase up to an aggregate of 2,473,778 shares of the Company’s common stock that were previously issued in August 2021, as amended, at an exercise price of $2.00 per share and 7,207,208 shares of the Company’s common stock that were previously issued in October 2022, at an exercise price of $1.11 per share, will be amended effective upon the closing of the offering, such that the amended warrants will have a reduced exercise price of $0.20 per share and a termination date on the five year anniversary of the closing date of the offering.