Inventiva announced the implementation of a new At-The-Market (ATM) program, filing a shelf registration statement on Form F-3 with the SEC. This program allows the company to issue and sell American Depositary Shares (ADSs), each representing one ordinary share, for aggregate gross sales proceeds of up to $100 million.
The ATM program is subject to a regulatory limit of 30% dilution over a rolling 12-month period and will be managed by Piper Sandler & Co. as the sales agent. The net proceeds from any sales of ADSs under this program are intended to finance the research and development of lanifibranor, cover working capital requirements, and serve general corporate purposes.
The new ordinary shares underlying the ADSs will be issued without shareholders’ preferential subscription rights and will be admitted to trading on Euronext Paris, while the ADSs will trade on Nasdaq. This financing mechanism provides Inventiva with a flexible tool to raise additional capital as needed to support its strategic objectives, particularly as it advances lanifibranor towards potential commercialization.
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