Summary by Moomoo AI
On May 10, 2024, Avenue Therapeutics, Inc. announced the entry into an At the Market Offering Agreement with H.C. Wainwright & Co. LLC, enabling the company to offer and sell shares of its common stock at its discretion. The shares will be sold pursuant to a shelf registration statement effective since December 10, 2021, with a prospectus supplement filed on the same date as the agreement. The company may sell up to $3,850,000 of its shares under this agreement, with H.C. Wainwright & Co. LLC acting as the sales agent. The sales agent will receive a 3.0% commission on gross proceeds and be reimbursed for certain expenses. Both parties have the right to terminate the agreement upon prior written notice, and the company is not obligated to sell any shares. The offering will conclude upon the sale of all shares or termination of the agreement. The details of the agreement were outlined in a Current Report on Form 8-K filed with the SEC, accompanied by legal opinions from Troutman Pepper Hamilton Sanders LLP.