MAIA Biotechnology (MAIA) announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 507,364 shares of common stock at a purchase price of $1.872 per share, in a private placement to accredited investors and certain company directors. Each share of common stock is being offered together with a warrant to purchase one share of common stock at an exercise price of $2.08 per share, which price represents the greater of the book or market value of the stock on the date the definitive agreements were executed. The warrants are exercisable commencing six months following issuance and have a term of five years from the initial exercise date. The securities being sold to the company director participating in the offering are being issued pursuant to the company’s 2021 Equity Incentive Plan. The private placement is expected to close on or about December 11, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $950,000, prior to offering expenses payable by the company. The company intends to use the net proceeds received from the sale of the Securities to fund manufacturing of THIO for Phase II clinical trials and for working capital.
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