Item 8.01. Other Events.
On January 27, 2021, Acasti Pharma Inc. ("Acasti") issued a press release
providing an update on the use of its "at-the-market" equity offering program
("ATM program"), as required by the policies of the TSX Venture Exchange. Acasti
previously entered into an amended and restated ATM sales agreement on June 29,
2020 (the "Sales Agreement") with B. Riley FBR Inc., Oppenheimer & Co. Inc. and
H.C. Wainwright & Co., LLC (collectively, the "Agents"), to implement an ATM
program under which Acasti may issue and sell from time to time its common
shares having an aggregate offering price of up to US$75 million through the
Agents.
Pursuant to the ATM program, since the last distributions reported by Acasti on
August 13, 2020, Acasti issued an aggregate of 82,626,562 common shares (the
"ATM Shares") over the NASDAQ Stock Market for aggregate gross proceeds to the
Company of US$28.5 million. The ATM Shares were sold at prevailing market prices
averaging US$0.3445 per share pursuant to a U.S. registration statement on Form
S-3 (No. 333-239538) as made effective on July 7, 2020, as well as the Sales
Agreement. Pursuant to the Sales Agreement, a cash commission of 3.0% on the
aggregate gross proceeds raised was paid to the Agents in connection with their
services.
The additional capital raised has strengthened Acasti's balance sheet and will
provide Acasti with additional flexibility in its ongoing review process to
explore and evaluate strategic alternatives.
On January 27, 2021, the press release was filed with the Canadian securities
regulatory authorities in Canada on the System for Electronic Document Analysis
and Retrieval at www.sedar.com. A copy of the press release is filed as exhibit
99.1 hereto.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press release issued by Acasti Pharma Inc. on January 27, 2021
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