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Cassava Sciences | 8-K: Entry into Material Definitive Agreements

SEC announcement · Jan 3 00:00

SAVA +2.81%

Summary by Moomoo AI

Cassava Sciences, Inc., a biopharmaceutical company, has announced the issuance of warrants to purchase additional shares of its common stock. The distribution of these warrants, referred to as the Warrant Distribution, was declared by the company's Board of Directors and is scheduled for January 3, 2024, to shareholders of record as of December 22, 2023. Each warrant allows the holder to buy one share of common stock at an exercise price of $33.00, along with a Bonus Share Fraction of 0.5 of a share, under certain conditions. The Bonus Share Fraction is available until a specified expiration date, which is determined by either a 30-day trading period price condition or a date set by the company with a minimum of 20 business days' notice. The warrants, which are redeemable by the company starting April 15, 2024, will expire on November 15, 2024, if not exercised. They are expected to begin trading on the Nasdaq Capital Market under the ticker 'SAVAW' from January 4, 2024. The company has filed a prospectus supplement for the registration of the shares associated with the warrants under its existing shelf registration statement. This move is part of Cassava Sciences' strategic financial activities and does not constitute an offer to sell or a solicitation of an offer to buy the securities.

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