NEW YORK – Allarity Therapeutics said on Tuesday that it has closed its recapitalization share exchange, resulting in the firm now listing 8,075,824 shares of its common stock on the US Nasdaq stock market under the symbol ALLR.
Allarity noted in a prospectus recently filed with the US Securities and Exchange Commission that the common stock covered in its registration statement are the result of an agreement with investment firm 3i. Allarity will receive no proceeds from listing the shares in the US. However, it simultaneously closed a $20 million PIPE investment from 3i, issuing to the investment firm 20,000 shares of preferred stock at $1,000 per share as well as a common stock purchase warrant to buy 2,018,958 shares of common stock. LifeSci Capital acted as the PIPE investment's exclusive placement agent.
The firm, which develops targeted cancer therapeutics, many of them in-licensed and repurposed, alongside drug response predictor companion diagnostics, said in May that once it completed the recapitalization, it would no longer be listed on the Swedish First North Growth Market. It also said it would move its headquarters from Denmark to the US, keeping the Denmark location as an R&D center.
In midday Tuesday trade on the Nasdaq, shares of Allarity were down around 7 percent at $13.83. The shares had opened trading in the US at $14.85.