Aileron Therapeutics, Inc. (ALRN), a Nasdaq-listed company shares surged in the extended session as it rose 33.33% to $1.8 after the announcement that it reached definitive agreements with investors for the purchase and sale of 32,630,983 shares of its common stock at $1.10 per share under Nasdaq rules. Closing is expected on or about January 8, 2021, provided that all closing conditions are met.
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The offering will be carried out by JonesTrading Institutional Services LLC.
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After deducting the placement agent’s fees and other offering expenses, Aileron expects to receive $35.9 million as gross proceeds from the offering.
In conjunction with its cash on hand, cash equivalents, and short-term investments, Aileron intends to use the net proceeds from the public offering for clinical development of ALRN-6924 as a chemoprotective agent, working capital, and other general corporate purposes.
A shelf registration statement, Form S-3 (File No. 333-226650), was filed with the United States Securities and Exchange Commission on August 7, 2018, and became effective on July 15, 2019.
This offering will be accompanied by a prospectus supplement filed with the Securities and Exchange Commission, which will be available at the SEC’s website at www.sec.gov.
Summary
Aileron Therapeutics, Inc. is focused on a new class of stabilized cell-permeating alpha-helical peptides for the treatment of cancer and other diseases in the United States. This increase in stock price late Friday morning is a good sign that investors are confident in stocks’ future.