MAIA Biotechnology to sell 603,769 shares at $1.22 in private placement

MAIA Biotechnology (MAIA) announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 603,769 shares of common stock at a purchase price of $1.22 per share, in a private placement to accredited investors. Each share of common stock is being offered together with a warrant to purchase one share of common stock at an exercise price of $1.52 per share, which price represents the “Minimum Price” as defined under NYSE American Rule 713. The warrants are exercisable commencing six-months following issuance and have a term of three years from the issuance date. The private placement is expected to close on or about October 15, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $736,600, prior to offering expenses payable by the company. The company intends to use the net proceeds from the offering to fund the execution of Step 1 of Part C of the Phase II trial THIO-101 and for working capital.