AIM ImmunoTech Files Preliminary Prospectus for Rights Offering

MT Newswires Live01-24 02:44

AIM ImmunoTech (AIM) on Friday filed a preliminary prospectus with the US Securities and Exchange Commission for a rights offering.

The offering may raise as much as $12 million, the company said.

Each subscription right entitles holders to purchase one unit for every share of the company's common stock they own. Each unit, priced at $1,000, consists of one share of Series G convertible preferred stock and 1,492 warrants to purchase common stock, the company said.

The offering covers up to 12,000 units, representing up to 12,000 preferred shares and 17.9 million warrants. In total, the securities may result in as many as 26.9 million common shares being issued upon conversion of the preferred stock and exercise of the warrants.

The preferred shares convert at an initial price of $1.34 per share, and the warrants are exercisable at the same price for five years.

The subscription rights are non-transferable and will be distributed to shareholders of record as of Feb. 4.

Net proceeds from any sale would be used for general corporate purposes.

AIM shares fell 4.8% in Friday trading.

Price: 1.20, Change: -0.06, Percent Change: -4.76

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