MAIA Biotechnology sells 2.42M shares at $1.65 in registered direct offering

MAIA Biotechnology announced that it has entered into a definitive agreement for the issuance and sale of an aggregate of 2,424,243 of its shares of common stock at a purchase price of $1.65 per share in a registered direct offering. In a concurrent private placement, MAIA has also agreed to issue and sell unregistered warrants to purchase up to an aggregate of 2,424,243 shares of its common stock. The offering is expected to close on or about November 17, 2023, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The unregistered warrants will have an exercise price $1.86 per share, will become exercisable six months following issuance and will expire five and one-half years from the date of issuance. The gross proceeds to MAIA from the offering are expected to be approximately $4M, before deducting the placement agent’s fees and other offering expenses payable by the company. MAIA currently intends to use the net proceeds from the offering for working capital and general corporate purposes as well as to fund research and development activities.