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Stealth BioTherapeutics Announces $3.2M Offering Of 2,844,446 ADSs Priced At $1.125/ADS

Stealth BioTherapeutics Announces $3.2 Million Registered Direct Offering BOSTON, Nov. 20, 2020 /PRNewswire/ -- Stealth BioTherapeutics Corp (NASDAQ:MITO) ("Stealth" or the

· 11/20/2020 08:02

Stealth BioTherapeutics Announces $3.2 Million Registered Direct Offering

BOSTON, Nov. 20, 2020 /PRNewswire/ -- Stealth BioTherapeutics Corp (NASDAQ:MITO) ("Stealth" or the "Company"), a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced that it has entered into securities purchase agreements with several institutional investors to purchase 2,844,446 of its American Depositary Shares ("ADSs"), each ADS representing 12 ordinary shares of the Company, in a registered direct offering. The purchase price for one ADS is $1.125.

Stealth BioTherapeutics Logo (PRNewsFoto/Stealth BioTherapeutics) (PRNewsfoto/Stealth BioTherapeutics)

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds from this offering are expected to be approximately $3.2 million. This offering is expected to close on or about November 24, 2020, subject to the satisfaction of customary closing conditions.

The ADSs described above are being offered pursuant to a "shelf" registration statement (File No. 333-237542) filed with the Securities and Exchange Commission (SEC) and declared effective on April 10, 2020. The ADSs may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and the accompanying prospectus relating to the offering of the ADSs will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering of ADSs may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail: placements@hcwco.com or by telephone: (646) 975-6996.

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

About Stealth

We are a clinical-stage biotechnology company focused on the discovery, development, and commercialization of novel therapies for diseases involving mitochondrial dysfunction. Mitochondria, found in nearly every cell in the body, are the body's main source of energy production and are critical for normal organ function.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking include statements about the anticipated completion of the registered direct offering. Statements that are not historical facts, including statements about Stealth BioTherapeutics' beliefs, plans and expectations, are forward-looking statements. The words "anticipate," "expect," "hope," "plan," "potential," "possible," "will," "believe," "estimate," "intend," "may," "predict," "project," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Stealth BioTherapeutics may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements as a result of known and unknown risks, uncertainties and other important factors, including: Stealth BioTherapeutics' ability to obtain additional funding and to continue as a going concern; the impact of the COVID-19 pandemic; the ability to successfully demonstrate the efficacy and safety of Stealth BioTherapeutics' product candidates and future product candidates; the preclinical and clinical results for Stealth BioTherapeutics' product candidates, which may not support further development and marketing approval; the potential advantages of Stealth BioTherapeutics' product candidates; the content and timing of decisions made by the U.S. FDA, the EMA or other regulatory authorities, investigational review boards at clinical trial sites and publication review bodies, which may affect the initiation, timing and progress of preclinical studies and clinical trials of Stealth BioTherapeutics' product candidates; Stealth BioTherapeutics' ability to obtain and maintain requisite regulatory approvals and to enroll patients in its planned clinical trials; unplanned cash requirements and expenditures; competitive factors; Stealth BioTherapeutics' ability to obtain, maintain and enforce patent and other intellectual property protection for any product candidates it is developing; and general economic and market conditions. These and other risks are described in greater detail under the caption "Risk Factors" included in the Stealth BioTherapeutics' most recent Annual Report on Form 20-F filed with the SEC, as well as in any future filings with the SEC. Forward-looking statements represent management's current expectations and are inherently uncertain. Except as required by law, Stealth BioTherapeutics does not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

Investor Relations 

Stern Investor Relations

Janhavi Mohite, 212-362-1200

IR@StealthBT.com

 

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SOURCE Stealth BioTherapeutics Inc.