Business
Achieve Life Sciences Announces Pricing of $16.5 Million Registered Direct Offering
SEATTLE and VANCOUVER, British Columbia, May 25, 2023 (GLOBE NEWSWIRE) -- Achieve Life Sciences, Inc. (Nasdaq: ACHV), a late-stage pharmaceutical company
About this update from Achieve Life Sciences, Inc.
[{"type":"text","content":"SEATTLE and VANCOUVER, British Columbia, May 25, 2023 (GLOBE NEWSWIRE) -- Achieve Life Sciences, Inc. (Nasdaq: ACHV), a late-stage pharmaceutical company committed to the global development and commercialization of cytisinicline for smoking cessation and nicotine dependence, today announced that it has entered into a securities purchase agreement with certain institutional investors providing for the purchase and sale of 3,000,000 shares of common stock at a price of $5.50 per share in a registered direct offering. The aggregate gross proceeds from this offering are expected to be approximately $16.5 million, prior to deducting placement agent fees and estimated offering expenses. The Company intends to use the proceeds from the offering to fund product development and regulatory activities, and for working capital and general corporate purposes. The offering is expected to close on or about May 30, 2023, subject to customary closing conditions. Current Achieve investors, including investors in Dialectic Life Sciences and various entities affiliated with the Hunt Family, as well as members of Achieve’s management, are participating in this transaction. The shares of common stock were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-261811), which was declared effective by the United States Securities and Exchange Commission (\"SEC\") on January 5, 2022. Lake Street Capital Markets, LLC is acting as the exclusive placement agent in connection with this offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Achieve, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. A prospectus supplement relating to the shares of common stock will be filed by the Company with the SEC. When available, copies of the prospectus supplement, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov or from Lake Street Capital Markets LLC, Prospectus Department, 920 Second Avenue South, Suite 700, Minneapolis, Minnesota 55402 or by email at [email protected]. About Achieve and Cytisinicline Achieve’s focus is to address the global smokin...