Beyond Air prices 9.64M shares at $1.66 in registered direct offering

Beyond Air has entered into a securities purchase agreement with healthcare focused institutional investors and accredited investors, including certain directors and officers of the Company, whereby the investors have agreed to purchase 9,638,556 shares of the Company’s common stock and warrants to purchase up to an aggregate of 9,638,556 shares of common stock at a purchase price of $1.66 per share and accompanying warrant in a registered direct offering priced at-the-market under Nasdaq rules. The warrants have an exercise price of $2.25 per share, will be exercisable immediately upon issuance and will have a term of three years following the date of issuance. The Company can call the warrants if it reports equal to or greater than $4.5 million of net sales for the quarter ending March 31, 2025 which will require exercise within 10 business days. The closing of the offering is expected to occur on or about March 22, 2024, subject to the satisfaction of customary closing conditions. The gross proceeds to the Company from this offering are expected to be approximately $16M before deducting the placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering to fund commercial sales development, research, working capital, and other general corporate purposes. Roth Capital Partners and Laidlaw & Company Ltd. acted as co-placement agents for the offering.