SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Allarity Therapeutics, Inc. - ALLR
NEW YORK, July 17, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Allarity Therapeutics, Inc. ("Allarity" or the "Company") (NASDAQ: ALLR). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Allarity and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 6, 2023, Allarity "announced the pricing of its 'reasonable best efforts' public offering of 2,444,445 shares of common stock (or common stock equivalents in lieu thereof) and common warrants to purchase up to 2,444,445 shares of common stock at an effective combined price of $4.50 per share and common warrant for aggregate gross proceeds of approximately $11 million, before deducting placement agent fees and other offering expenses. The warrants will have an exercise price of $4.50 per share, will be exercisable immediately and will expire five years from the initial exercise date." Allarity stated that "[t]he closing of the offering is expected to occur on or about July 10, 2023" and that "[t]he Company intends to use a portion of the net proceeds of this offering to pay account payables and accrued liabilities outstanding, to make payments under certain license agreements, to pay off a certain outstanding promissory note, to conduct clinical trials, to redeem a portion of its Series A Convertible Preferred Stock and for working capital and general corporate purposes."
On this news, Allarity's stock price fell $4.47 per share, or 53.99%, to close at $3.81 per share on July 6, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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