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Summit Therapeutics’ Rights Offering Nearing Expiration Date
Rights Offering Seeks to Raise up to $500 Million MENLO PARK, Calif.--(BUSINESS WIRE)-- Summit Therapeutics Inc. (NASDAQ: SMMT) (“Summit,” “we,” or the
About this update from Summit Therapeutics Inc.
[{"type":"text","content":"\nRights Offering Seeks to Raise up to $500 Million\n\n MENLO PARK, Calif.--(BUSINESS WIRE)--\nSummit Therapeutics Inc. (NASDAQ: SMMT) (“Summit,” “we,” or the “Company”) today announced that it is nearing the previously-announced expiration date for its rights offering of 5:00 pm Eastern Time on March 1, 2023 (the “Expiration Date”). As a reminder, the subscription price per share shall be equal to the lesser of (i) $1.05 per share 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. Importantly, for stockholders whose shares of our common stock are held in a brokerage account or are otherwise not registered directly with the Company, the deadline to exercise their subscription rights with their respective brokerage firms may be earlier. Information regarding specific broker-related deadlines should be obtained directly from the broker.\n\nWith respect to the rights offering, the Company has distributed non-transferable subscription rights to purchase up to 476,190,476 shares of common stock, for an aggregate offering value of up to $500 million. The subscription rights will expire and have no value if they are not exercised prior to the Expiration Date. The subscription price per share shall be equal to the lesser of (i) $1.05 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. Each stockholder received one subscription right entitling the holder to purchase 2.152353 shares of common stock at the Initial Price for each share of our common stock owned at 4:00 pm Eastern Time on February 6, 2023. 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, as provided in the prospectus (described below).\n\nA prospectus relating to the offering was filed with the US Securities and Exchange Commission (the “SEC”) on February 7, 2023 and is available on the SEC’s website. The prospectus covers, among other things, the rights offering to which this communication relates. Before you invest, you should read the prospectus carefully and the documents incorporated by reference in the prospectus, as wel...