Avalo Therapeutics, Inc. announced that it has entered into an investment agreement with various purchasers to issue 3,281,132 Series Seed Convertible Preferred Stock at a purchase price of $0.64904 per share for the gross proceeds of $2,129,585.91328? and warrants exercisable into 1,640,564 shares of common stock on November 22, 2023. The warrants are exercisable at an exercise price of $0.0001 per share.

The Series Seed Preferred Stock was convertible into common stock at any time, at the option of the holder, at a conversion price of $0.64904 per share. The warrants expire upon the earlier of November 22, 2028 or the closing of a firm-commitment underwritten public offering of its common stock or occurrence of a Liquidation Event, and occurrence of an event where ownership of a majority of outstanding voting power changes.