Summit Therapeutics Inc 8-K, filed May 13, 2021
Summit Therapeutics Inc. (SMMT)
About this 8-K
Summit Therapeutics Inc filed this 8-K on May 13, 2021, reporting on events of May 12, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 12, 2021
| Summit Therapeutics Inc. | ||
| (Exact Name of Registrant as Specified in Its Charter) | ||
| Delaware | 001-36866 | 37-1979717 |
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| One Broadway, 14th Floor, Cambridge, MA | 02142 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
Registrant’s Telephone Number, Including Area Code: 617-514-7149
| Not Applicable |
| (Former Name or Former Address, If Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Common stock, $0.01 par value per share |
SMMT | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01 | Other Events. |
On May 12, 2021, Summit Therapeutics Inc. (the “Company”) issued a press release announcing the closing of its fully subscribed rights offering. The Company received aggregate gross proceeds from the rights offering of $75 million.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number | Description |
| 99.1 | Press Release, dated May 12, 2021. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SUMMIT THERAPEUTICS INC. | |||
| Date: May 12, 2021 | By: |
/s/ Michael Donaldson | |
| Name: | Michael Donaldson | ||
| Title: | Chief Financial Officer | ||
Exhibit 99.1
Summit Therapeutics Inc.
(‘We,’ ‘Summit,’ or the ‘Company’)
Summit Therapeutics Announces Closing of $75 Million Rights Offering
Cambridge, MA, May 12, 2021 - Summit Therapeutics Inc. (NASDAQ: SMMT) announced today the successful closing of its fully subscribed rights offering and the associated results.
The rights offering resulted in the sale of 14,312,976 shares of the Company’s common stock, par value $0.01 (the “Shares,” and each, a “Share”) at a price of $5.24 per Share. The Company received aggregate gross proceeds from the rights offering of $75 million, expenses associated with the offering were approximately $200,000, yielding Summit net proceeds of $74.8 million! After giving effect to the new share issuance, Summit has 97,244,567 shares of common stock issued and outstanding.
Of note, Mr. Duggan, CEO and Executive Chairman, and Dr Zanganeh, COO acquired available shares in the offering.
Mr. Duggan stated, “We chose to raise capital through a rights offering in order to provide all stockholders with the opportunity and the flexibility to participate according to their prorata share ownership in Summit. I truly appreciate each stockholder who chose to participate for the confidence that you placed in Team Summit. This funding allows us to continue on our important journey to provide patient- and physician-friendly solutions to serious unmet human health care medical needs.
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. Subscription rights that were not exercised by 5:00 pm Eastern Daylight Time on May 10, 2021, have expired.
Contact Summit Investor Relations:
Dave Gancarz
Vice President, Investor Relations & Corporate Strategy
david.gancarz@summitplc.com
General Inquiries:
investors@summitplc.com
Rights Offering Information and Subscription Agent:
Broadridge Corporate Issuer Solutions, Inc.
+1 855 793 5068
shareholder@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.