Nektar sells 25M shares at $1.20 in private placement

Nektar Therapeutics announced that it has entered into a securities purchase agreement with TCGX, an institutional accredited investor, to sell securities in a private placement financing for gross proceeds of $30M, before deducting expenses. In the PIPE, Nektar is selling 25M shares of its common stock, in the form of a pre-funded warrant, at a price of $1.20 per share, representing a premium of approximately 80% to Nektar’s 30-day volume-weighted average price. The pre-funded warrant will have an exercise price of $0.0001 per share and will not expire. The PIPE is expected to close on or before March 6, subject to customary closing conditions. Nektar has agreed to submit a registration statement filing for the underlying Common Stock no later than 90 days after the closing.