Achieve Life Sciences Announces Pricing of $6.5 Million Public Offering
SEATTLE and VANCOUVER, BC, Aug. 4, 2020 /PRNewswire/ -- Achieve Life Sciences, Inc. (Nasdaq: ACHV), a clinical-stage pharmaceutical company committed to the global development and commercialization of cytisinicline for smoking cessation and nicotine addiction, today announced the pricing of an underwritten public offering of 476,187 shares of its common stock at a price to the public of $10.50 per share. In addition, Achieve is offering to certain investors whose purchase of common stock would result in the investor, together with its affiliates, beneficially owning more than 9.99% of Achieve's common stock following the completion of the offering, pre-funded warrants to purchase up to an aggregate of 142,857 shares of common stock at a purchase price of $10.499 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.001 per share exercise price for each such pre-funded warrant. The aggregate gross proceeds from this offering are expected to be approximately $6.5 million, before deducting underwriting discounts and commissions and other offering expenses payable by Achieve. Achieve has also granted the underwriters a 30-day option to purchase up to an additional 92,856 shares of common stock in connection with the public offering. All of the securities are being offered by Achieve. The offering is expected to close on or about August 6, 2020, subject to the satisfaction of customary closing conditions.
Achieve logo (PRNewsfoto/Achieve Life Sciences, Inc.)
Lake Street Capital Markets LLC is acting as the sole book-running manager in the offering.
Achieve intends to use the proceeds from the offering to fund clinical research and development, and for general working capital.
The securities are being offered by Achieve pursuant to a registration statement on Form S-3 previously filed and declared effective by the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to this offering have been filed with the SEC. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering, and when available, the final prospectus supplement, may be obtained from: Lake Street Capital Markets LLC, Prospectus Department, 920 Second Avenue South, Suite 700, Minneapolis, Minnesota 55402 or by email at email@example.com. Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the website of the SEC at http://www.sec.gov.