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Achieve Life Sciences Announces Pricing of $45.0 Million Underwritten Public Offering
SEATTLE and VANCOUVER, British Columbia, June 26, 2025 (GLOBE NEWSWIRE) -- Achieve Life Sciences, Inc. (Nasdaq: ACHV), a late-stage specialty pharmaceutical company focused on the global development and commercialization of cytisinicline as a treatment of nicotine dependence for smoking cessation, today announced the pricing of an underwritten public offering of 15,000,000 shares of its common stock and accompanying common warrants to purchase up to 15,000,000 shares of common stock. The shares of common stock and accompanying common warrants were offered collectively at a price to the public of $3.00 per share and accompanying common warrant. Achieve has also granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of common stock and/or accompanying common warrants to purchase up to an additional 2,250,000 shares of common stock (or pre-funded warrants in lieu thereof) in connection with the public offering.
Each common warrant will be exercisable, at the purchaser’s election, for either common stock at an exercise price of $3.00 per share or for pre-funded warrants, with an exercise price of $2.999 per pre-funded warrant. Such common stock warrants are exercisable any time after the date of issuance, subject to certain ownership limitations, and will expire five years from the date of issuance.
All of the securities are being offered by Achieve. The offering is expected to close on or about June 30, 2025, subject to the satisfaction of customary closing conditions.
Citizens Capital Markets and Raymond James are acting as the joint book-running managers in the offering. Lake Street Capital Markets, LLC is acting as financial advisor to Achieve in the offering.
The aggregate gross proceeds from this offering are expected to be approximately $45.0 million, before deducting underwriting discounts and commissions and other offering expenses payable by Achieve. Achieve intends to use the proceeds from the offering to fund continued advancement of cytisinicline through potential U.S. Food and Drug Administration marketing approval of cytisinicline and for working capital and general corporate purposes.
The securities are being offered by Achieve pursuant to a registration statement on Form S-3 previously filed and declared effective by the Securities and Exchange Commission (SEC). A final prospectus supplement and accompanying base prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying base prospectus may also be obtained, when available, from: Citizens Capital Markets, at 450 Park Avenue, 5th Floor, New York, NY 10022, or by calling (415) 835-8985, or by email at [email protected] and Raymond James at Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, or by email at [email protected].
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