Benzinga | Jul 27, 2020 09:15AM EDT

Acer Therapeutics Entered Securities Purchase Agreement For Sale And Issuance Of 244.998K Shares Of Common Stock

On July 24, 2020, Acer Therapeutics Inc., a Delaware corporation (the "Company"), entered into a securities purchase agreement (the "Purchase Agreement") for the sale and issuance of an aggregate of 244,998 shares (the "Private Placement Shares") of the Company's common stock, for an aggregate purchase price of $857,493, in a private placement transaction ("Private Placement") at a price per share of $3.50, which represented a 5.7% premium to the $3.31 closing price of the common stock on that day.The Private Placement Shares were purchased by Chris Schelling, the Company's President and Chief Executive Officer and a member of the Company's Board of Directors, Stephen J. Aselage, Chairman of the Company's Board of Directors, John M. Dunn, a member of the Company's Board of Directors, Donald R. Joseph, the Company's Chief Legal Officer, and employee Jefferson Davis. The shares of common stock issued in the Private Placement constitute "restricted securities" under the federal securities laws and are subject to a minimum six-month holding period.The proceeds from the Private Placement will be used by the Company for working capital and general corporate purposes.The Private Placement is scheduled to close on July 29, 2020 and is subject to the satisfaction or waiver of customary closing conditions.

The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.The representations and warranties contained in the Purchase Agreement were made only for purposes of such Purchase Agreement and as of a specific date and were solely for the benefit of the parties thereto.