Summit Therapeutics’ Rights Offering Nearing Expiration Date; Robert W. Duggan Declares Intention to Fully Oversubscribe in...
May 05 2021 - 11:47AM
Cambridge, MA, May 5, 2021 - Summit Therapeutics Inc.
(NASDAQ: SMMT) today announced that it is nearing the
previously-announced expiration date for its rights offering of
5:00 pm Eastern Daylight Time on May 10, 2021 (the “Expiration
Date”). Importantly, for stockholders whose shares of our
common stock are held in a brokerage account or are otherwise not
registered directly with the Company, the deadline to exercise
their subscription rights with their respective brokerage firms may
be as soon as today, Wednesday May 5. Examples of brokerage
firms with whom shareholders may have accounts include E*TRADE,
Charles Schwab, and other personal, financial, or online
brokers. Information regarding specific broker-related
deadlines can be obtained directly from the broker.
As a reminder with respect to the rights offering, it is for up
to 14,312,977 shares of the Company’s common stock, par value $0.01
(the “Shares,” and each, a “Share”) based on the Initial Price (as
further defined below) with an aggregate offering value of up to
$75,000,000. The subscription rights will expire and have no
value if they are not exercised prior to the Expiration Date.
In addition, Mr. Robert W. Duggan, the Company’s Chairman, Chief
Executive Officer, and majority shareholder, has advised the Board
of Directors today that, in addition to exercising all of his basic
subscription rights, he will exercise his oversubscription rights
to purchase all additional Shares of common stock that remain
unsubscribed at the expiration of the rights offering.
The subscription price per Share shall be equal to the lesser of
(i) $5.24 per share (the “Initial Price”) or (ii) the volume
weighted-average price of the Company’s common stock for the ten
consecutive trading days through and including the Expiration Date
(the “Alternate Price”). The subscription price per Share
will determine the final number of Shares issuable, and
subsequently the pro rata number of Shares to which Stockholders
can subscribe.
A prospectus supplement relating to the offering was filed with
the US Securities and Exchange Commission (the “SEC”) on April 21,
2021 and is available on the SEC’s website. Questions about
the offering and requests for copies of the prospectus relating to
the rights offering may be directed to Broadridge Corporate Issuers
Solutions, Inc., the Company’s information and subscription agent
for the rights offering, at the email address and telephone number
provided at the end of this release.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. The rights offering is made pursuant
to the Company’s shelf registration statement on Form S-3, which
became effective on October 15, 2020, and the prospectus supplement
containing the detailed terms of the rights offering filed with the
SEC. Any offer will be made only by means of a prospectus
forming part of the registration statement.
Contact Summit Investor Relations:Dave
GancarzVice President, Investor Relations & Corporate
Strategydavid.gancarz@summitplc.com
General Inquiries:
investors@summitplc.com
Rights Offering Information and Subscription
Agent:Broadridge Corporate Issuer Solutions, Inc.+1 855 793
5068shareholder@broadridge.com
Summit Forward-looking Statements
Any statements in this press release about the
Company’s future expectations, plans and prospects, including but
not limited to, statements about the clinical and preclinical
development of the Company’s product candidates, the therapeutic
potential of the Company’s product candidates, the potential
commercialization of the Company’s product candidates, the timing
of initiation, completion and availability of data from clinical
trials, the potential submission of applications for marketing
approvals, the impact of the COVID-19 pandemic on the Company’s
operations and clinical trials and other statements containing the
words "anticipate," "believe," "continue," "could," "estimate,"
"expect," "intend," "may," "plan," "potential," "predict,"
"project," "should," "target," "would," and similar expressions,
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: the
uncertainties inherent in the initiation of future clinical trials,
availability and timing of data from ongoing and future clinical
trials and the results of such trials, global public health crises,
including the coronavirus COVID-19 outbreak, that may affect timing
and status of our clinical trials and operations, whether
preliminary results from a clinical trial will be predictive of the
final results of that trial or whether results of early clinical
trials or preclinical studies will be indicative of the results of
later clinical trials, expectations for regulatory approvals, laws
and regulations affecting government contracts and funding awards,
availability of funding sufficient for the Company’s foreseeable
and unforeseeable operating expenses and capital expenditure
requirements and other factors discussed in the "Risk Factors"
section of filings that the Company makes with the Securities and
Exchange Commission. Accordingly, readers should not place undue
reliance on forward-looking statements or information. In addition,
any forward-looking statements included in this press release
represent the Company’s views only as of the date of this release
and should not be relied upon as representing the Company’s views
as of any subsequent date. The Company specifically disclaims any
obligation to update any forward-looking statements included in
this press release.
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