Elicio Therapeutics to sell 1.03M shares $5.81 in private placement financing

Elicio Therapeutics has entered into a subscription agreement to sell pre-funded warrants to purchase up to 1,032,702 shares of its common stock at a purchase price of $5.81 per pre-funded warrant in a private placement to GKCC, LLC. GKCC, LLC is an entity controlled by a member of Elicio’s Board of Directors. Each pre-funded warrant will be exercisable at any time on or after the closing date at an exercise price equal to $0.01 per share, subject to adjustments as provided under the terms of the pre-funded warrant, subject to a post-exercise beneficial ownership limitation of 19.99%, unless stockholder approval is obtained. Gross proceeds of the private placement are expected to be approximately $6.0 million, before deducting expenses. The private placement is expected to close on March 19, 2024, subject to the satisfaction of customary closing conditions. Elicio intends to use the net proceeds for the advancement of its development pipeline, as well as for working capital and general corporate purposes.