Apexigen Inc. announced that it has entered into a definitive agreement for a private placement to issue of 1,995,708 common shares at an issue price of $1.4 per share for gross proceeds of approximately $2,793,991.2 on January 23, 2023. The transaction will include participation from new biotechnology-focused investors. The company will issue warrants to purchase common shares at an exercise price of $1.4 per share.

The warrants have an exercise price of $1.4 per share and will expire 5 years from the effective date of the registration statement that will be filed in connection with the private placement. The private placement is expected to close by January 30, 2023, subject to the satisfaction of customary closing conditions. The securities to be sold in the private placement have not been registered under the Securities Act of 1933 and Rule 506 of Regulation D, as amended or any state or other jurisdiction's securities laws, and may not be resold absent registration under, or exemption from registration under, the Securities Act.