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Summit Therapeutics Announces Timing for Rights Offering for Up to $500 Million
MENLO PARK, Calif.--(BUSINESS WIRE)-- Summit Therapeutics Inc. (NASDAQ: SMMT) (“Summit” or the “Company”) today announced that the Company’s Board of
About this update from Summit Therapeutics Inc.
[{"type":"text","content":" MENLO PARK, Calif.--(BUSINESS WIRE)--\nSummit Therapeutics Inc. (NASDAQ: SMMT) (“Summit” or the “Company”) today announced that the Company’s Board of Directors has set the record date for the Company’s previously announced rights offering, which will be available to all holders of record of the Company’s common stock, par value $0.01 (the “Common Stock”), as of the close of the market on February 6, 2023 (the “Record Date”).\n\nThe Company intends to distribute to all holders of Common Stock as of the Record Date non-transferable subscription rights to purchase up to 476,190,476 shares of Common Stock at a price per share equal to the lesser of (i) $1.05 per share, or (ii) the volume weighted-average price of the Common Stock for the five consecutive trading days through and including the expiration date of the offering, currently contemplated to be March 1, 2023. Assuming that the rights offering is fully subscribed, the Company will receive gross proceeds of up to $500 million, less expenses related to the rights offering. As indicated below, please refer to the registration statement on Form S-3 for more complete information regarding the Company’s rights offering.\n\nThe rights offering will include an over-subscription right to permit each rights holder that exercises its basic subscription rights in full to purchase additional shares of Common Stock that remain unsubscribed at the expiration of the offering. The availability of the over-subscription right will be subject to certain terms and conditions to be set forth in the offering documents.\n\nRobert W. Duggan, Chairman, Chief Executive Officer, and the beneficial owner of approximately 78.1% of Summit’s Common Stock prior to this rights offering, and Dr. Maky Zanganeh, Co-Chief Executive Officer, President, a member of the Board of Directors, and the beneficial owner of approximately 6.0% of the Company’s Common Stock prior to this rights offering, have each indicated that they intend to participate in the rights offering for at least the full amount of their basic subscription rights, but have not made any formal binding commitment to participate.\n\nSummit has filed a registration statement (including a prospectus) on Form S-3 with the Securities and Exchange Commission (the \"SEC\") on December 21, 2022, as amended on January 23, 2023, which has not yet become ef...