Business
Summit Therapeutics Announces Commencement of $100 Million Rights Offering
Menlo Park, CA, July 18, 2022 (GLOBE NEWSWIRE) -- Summit Therapeutics Inc. (NASDAQ: SMMT) today announced that it has commenced its previously-announced
About this update from Summit Therapeutics Inc.
[{"type":"text","content":"Menlo Park, CA, July 18, 2022 (GLOBE NEWSWIRE) -- Summit Therapeutics Inc. (NASDAQ: SMMT) today announced that it has commenced its previously-announced rights offering of up to $100 million of the Company’s common stock. The subscription rights will expire and have no value if they are not exercised prior to 5:00 pm Eastern Time on August 8, 2022, the expiration date (the “Expiration Date”). Pursuant to the rights offering, Summit is distributing, at no charge to the holders of its common stock as of the close of trading on July 5, 2022 (the “Stockholders”), non-transferable subscription rights to purchase shares of the Company’s common stock, par value $0.01 (“Shares,” and each, a “Share”). The subscription price per Share shall be equal to the lesser of (i) $1.08 per share (the “Initial Price”) or (ii) the volume weighted-average price of the Company’s common stock for the five consecutive trading days through and including the Expiration Date (the “Alternate Price”). The subscription price per Share will determine the final number of Shares issuable, and subsequently the pro rata number of Shares to which Stockholders can subscribe. Stockholders wishing to exercise their subscription rights must timely pay $1.08 per Share, the Initial Price, for the number of Shares they wish to acquire. If the Alternate Price is lower than the Initial Price as of the Expiration Date, any excess subscription amounts paid by a subscribing holder will be applied towards the purchase of additional Shares in the rights offering. Stockholders who fully exercise their basic subscription rights will be entitled to subscribe for additional Shares that are not purchased by other Stockholders on a pro rata basis and subject to availability. A prospectus supplement relating to the offering was filed with the US Securities and Exchange Commission (the “SEC”) on July 18, 2022 and is available on the SEC’s website. Questions about the offering and requests for copies of the prospectus relating to the rights offering may be directed to Broadridge Corporate Issuers Solutions, Inc., the Company’s information and subscription agent for the rights offering, at the email address and/or telephone number provided at the end of the release. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will the...