SAB Biotherapeutics (SABS) Sells 7.3M Shares w/Warrants in Private Placement

SAB Biotherapeutics (Nasdaq: SABS) entered into a securities purchase agreement for the private placement of approximately 7.3 million shares of its common stock and warrants to purchase an equal number of common stock. Existing SAB investors – including T. Denny Sanford, an experienced biotech investor and healthcare philanthropist -- as well as new institutional investors participated in the private placement.

The Warrants will be exercisable beginning six-months from the date of issuance and will be exercisable, in whole or in part, at an exercise price of $1.08 per share. The Warrants will expire 5-years from the date of issuance. The aggregate gross proceeds from the offering are approximately $7.9 million, based on the offering price of $1.08 which was the 5-day average closing price ending December 5, 2022, for each share of the Company's common stock plus one Warrant. The Company expects to use net proceeds from the private placement to advance the Company’s pipeline of its first-in-class product candidates for Clostridioides difficile (C. diff.) and type 1 diabetes, as well as for working capital and other general corporate purposes. The transaction closed December 7, 2022.

“We’re thrilled to have the continued support of our existing investors, and welcome our new institutional investors whose participation is a vote of confidence in our scientific platform,” said Eddie Sullivan, co-founder, President, and Chief Executive Officer of SAB. “We are excited to continue to advance the development of our immunotherapeutic human polyclonal antibody platform across several therapeutic categories including infectious disease, immune and autoimmune disorders.”

Brookline Capital Markets, a division of Arcadia Securities LLC, served as the exclusive placement agent for the private placement transaction.

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