Rights Offering Seeks to Raise up to $500
Million
Summit Therapeutics Inc. (NASDAQ: SMMT) (“Summit,” “we,” or the
“Company”) today announced that it is nearing the
previously-announced expiration date for its rights offering of
5:00 pm Eastern Time on March 1, 2023 (the “Expiration Date”). As a
reminder, the subscription price per share shall be equal to the
lesser of (i) $1.05 per share or (ii) the volume weighted-average
price of the Company’s common stock for the five consecutive
trading days through and including 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
earlier. Information regarding specific broker-related deadlines
should be obtained directly from the broker.
With respect to the rights offering, the Company has distributed
non-transferable subscription rights to purchase up to 476,190,476
shares of common stock, for an aggregate offering value of up to
$500 million. The subscription rights will expire and have no value
if they are not exercised prior to the Expiration Date. The
subscription price per share shall be equal to the lesser of (i)
$1.05 per share (the “Initial Price”) or (ii) the volume
weighted-average price of the Company’s common stock for the five
consecutive trading days through and including the Expiration Date.
Each stockholder received one subscription right entitling the
holder to purchase 2.152353 shares of common stock at the Initial
Price for each share of our common stock owned at 4:00 pm Eastern
Time on February 6, 2023. 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, as
provided in the prospectus (described below).
A prospectus relating to the offering was filed with the US
Securities and Exchange Commission (the “SEC”) on February 7, 2023
and is available on the SEC’s website. The prospectus covers, among
other things, the rights offering to which this communication
relates. Before you invest, you should read the prospectus
carefully and the documents incorporated by reference in the
prospectus, as well as the other documents Summit has filed with
the SEC for more complete information about Summit and the rights
offering. You may get these documents for free by visiting EDGAR on
the SEC’s website at www.sec.gov. Questions about the offering and
requests for copies of the prospectus relating to the rights
offering may be directed to Broadridge Corporate Issuers Solutions,
LLC, the Company’s information and subscription agent for the
rights offering, at the email address and/or 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 registration statement on Form S-3, which became
effective on February 3, 2023, and the prospectus containing the
detailed terms of the rights offering filed with the SEC. Any offer
is made only by means of a prospectus forming part of the
registration statement.
Summit Therapeutics’ Mission Statement
To build a viable, long-lasting health care organization that
assumes full responsibility for designing, developing, trial
execution and enrollment, regulatory submission and approval, and
successful commercialization of patient, physician, caregiver, and
societal-friendly medicinal therapy intended to: improve quality of
life, increase potential duration of life, and resolve serious
medical healthcare needs. To identify and control promising product
candidates based on exceptional scientific development and
administrational expertise, develop our products in a rapid,
cost-efficient manner, and to engage commercialization and/or
development partners when appropriate.
We accomplish this by building a team of world class
professional scientists and business administrators that apply
their experience and knowledge to this mission. Team Summit exists
to pose, strategize, and execute a path forward in medicinal
therapeutic health care that places Summit in a well-deserved, top
market share, leadership position. Team Summit assumes full
responsibility for stimulating continuous expansion of knowledge,
ability, capability, and well-being for all involved stakeholders
and highly-valued shareholders.
About Summit Therapeutics
Summit was founded in 2003 and our shares are listed on the
Nasdaq Global Market (symbol ‘SMMT’). We are headquartered in Menlo
Park, California, and we have additional offices in Oxford, UK and
Cambridge, UK.
For more information, please visit https://www.smmttx.com and
follow us on Twitter @summitplc.
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, entry into and actions related to the
Company’s partnership with Akeso Inc., 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, potential acquisitions 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 results of our evaluation of the underlying
data in connection with the development and commercialization
activities for SMT112, the outcome of discussions with regulatory
authorities, including the Food and Drug Administration, the
uncertainties inherent in the initiation of future clinical trials,
availability and timing of data from ongoing and future clinical
trials, the results of such trials, and their success, and 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, whether business
development opportunities to expand the Company’s pipeline of drug
candidates, including without limitation, through potential
acquisitions of, and/or collaborations with, other entities occur,
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. Any
change to our ongoing trials could cause delays, affect our future
expenses, and add uncertainty to our commercialization efforts, as
well as to affect the likelihood of the successful completion of
clinical development of SMT112. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230223005463/en/
Contact Summit Investor Relations: Dave Gancarz SVP,
Corporate Strategy & Stakeholder Relations
investors@smmttx.com
Rights Offering Information and Subscription Agent:
Broadridge Corporate Issuer Solutions, LLC +1 855 793 5068
shareholder@broadridge.com
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