Annovis Bio Inc. (ANVS) Closes $21M Offering

via IBN - Annovis Bio, Inc. (NYSE: ANVS) today announced the closing of its previously announced underwritten public offering of 5,250,000 shares of common stock and warrants to purchase 5,250,000 shares of common stock at a combined public offering price of $4.00 per share and associated warrant. The warrants have an exercise price of $5.00 per share and are immediately exercisable upon issuance for a period of five years following the date of issuance. Total gross proceeds from the offering, before deducting the underwriter’s discounts and other offering expenses, were $21 million.

The Company intends to use the net proceeds from the offering primarily for the continued clinical development of the Company’s lead compound, Buntanetap in a Phase 3 study for Alzheimer’s disease, and for working capital and general corporate purposes.

ThinkEquity acted as the sole book-running manager for the offering.

The securities were offered and sold pursuant to a shelf registration statement on Form S-3, as amended (File No. 333-276814), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 1, 2024, and declared effective on February 12, 2024. The offering was made only by means of a written prospectus. A final prospectus supplement and accompanying prospectus describing the terms of the offering have been filed with the SEC on its website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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