Azitra, Inc. (NYSEAMERICAN: AZTR) Enters into $1.5 Million Public Offering Agreement

On January 14, 2025, Azitra, Inc., a Delaware corporation, disclosed in an 8-K filing that it has engaged in a placement agency agreement with Maxim Group LLC in connection with a public offering involving the sale of up to 4,857,780 shares of common stock. The offering price per share was set at $0.30, resulting in gross proceeds of approximately $1.5 million for Azitra before the deduction of placement agent fees and other estimated offering expenses. The offering was successfully closed on January 16, 2025.

The distribution of these shares was conducted as outlined in a shelf registration statement on Form S-3, with relevant prospectus supplements dated January 14, 2025, and January 15, 2025. Azitra issued these shares to investors following the effective registration of the offering with the Securities and Exchange Commission.

As part of the Placement Agency Agreement, Azitra agreed to compensate Maxim Group LLC with a cash fee amounting to 7.0% of the total funds raised through the offering and to grant them an unregistered warrant to purchase 194,311 shares of common stock at an exercise price of $0.375 per share. This warrant is exercisable within six months of its issuance and remains valid for five years from the onset of sales in the offering.

The agreement also includes additional compensation terms, customary representations, warranties, agreements, and indemnification obligations on both sides.

Azitra concurrently published two press releases on January 14, 2025, and January 15, 2025, to announce the launch and pricing of the public offering. The full releases are included as Exhibits 99.1 and 99.2 in the Form 8-K filing.

Azitra plans to allocate the net proceeds from this offering towards working capital and general corporate purposes. For further details regarding the offering and associated agreements, interested individuals can refer to the filed Form 8-K on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Azitra’s 8K filing here.

About Azitra

Azitra, Inc, an early-stage biopharmaceutical company, develops therapies for precision dermatology using engineered proteins and live biotherapeutic products to treat skin diseases. It develops ATR-12, a genetically modified strain of S. epidermidis, which is in Phase Ib clinical trial for treating Netherton syndrome, a skin disease.