Acer Therapeutics Inc. (Nasdaq: ACER), a pharmaceutical company focused on the acquisition, development and commercialization of therapies for serious, rare and life-threatening diseases with significant unmet medical needs, today announced that it has entered into definitive agreements with its CEO as well as its Chairman for a private placement of its securities for gross proceeds of $1.5 million.
On November 29, 2022, Acer entered into a securities purchase agreement for the sale and issuance of an aggregate of 1,229,508 shares of the Company’s common stock, for an aggregate purchase price of $1,499,999.76, in a private placement transaction at a price per share of $1.22, which represented a 5.2% premium to the $1.16 closing price of the common stock on that day. The investors are Chris Schelling, CEO and Founder of Acer, and Steve Aselage, Chairman of Acer’s Board of Directors. The private placement is scheduled to close on or about December 2, 2022, subject to the satisfaction or waiver of customary closing conditions.
The proceeds from the private placement will be used by Acer for working capital and general corporate purposes and, together with Acer’s existing cash and cash equivalents, are expected to be sufficient to fund the Company’s anticipated operating and capital requirements through the fourth quarter of 2022.