Annovis Bio (NYSE:ANVS) Signs Equity Distribution Agreement with Oppenheimer & Co. Inc.

On December 11, 2024, Annovis Bio, Inc. announced that it has entered into an Equity Distribution Agreement with Oppenheimer & Co. Inc., acting as the agent, for an at-the-market offering program. The agreement allows Annovis Bio to sell shares of its common stock, valued at up to $50,000,000 in aggregate offering price, through Oppenheimer. These shares will be offered under the Company’s shelf Registration Statement on Form S-3, filed with the Securities and Exchange Commission (SEC) on February 1, 2024, and declared effective on February 12, 2024.

Oppenheimer is authorized to sell the shares by any method permitted by law, including sales on the New York Stock Exchange (NYSE) or any other existing trading market for the Common Stock. The Company is not obligated to sell any shares and may suspend or terminate the Distribution Agreement at any time. Oppenheimer will receive a commission equal to 3.0% of the gross sales proceeds for any shares sold under the agreement, along with reimbursement for specified expenses.

The Distribution Agreement stipulates that Oppenheimer will use commercially reasonable efforts to sell shares on behalf of Annovis Bio, with no minimum requirement on the number or value of securities to be sold. The agreement does not involve any arrangement for funds to be held in escrow or similar.

The complete terms of the Distribution Agreement can be found in the full text filed as Exhibit 1.1 to the Current Report on Form 8-K. Additionally, an opinion from Loeb & Loeb LLP concerning the legality of the issuance and sale of the shares in the offering is attached as Exhibit 5.1 to the filing.

It is important to note that this Form 8-K does not serve as an offer to sell or a solicitation to buy the discussed securities, and any such offer or sale would need to comply with registration or qualification requirements under applicable securities laws.

Alongside this agreement, Annovis Bio disclosed that it falls under the definition of an emerging growth company as outlined in Rule 405 of the Securities Act of 1933 and Rule 12b-2 of the Securities Exchange Act of 1934.

This news signifies a strategic move for Annovis Bio as it expands the potential avenues for raising capital through the at-the-market offering program with Oppenheimer & Co. Inc.

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

Annovis Bio Company Profile

Annovis Bio, Inc, a clinical stage drug platform company, develops drugs to treat neurodegeneration. The company's lead product candidate is Buntanetap, which has completed three Phase 1/2 clinical trials for the treatment of Alzheimer's disease (AD), Parkinson's disease, and other chronic neurodegenerative diseases.