aibioMAIA Biotechnology cuts at-the-market program to $11,200,000 from $30,000,000
Tickers MAIA
The smaller size reflects an SEC limit tied to MAIA's public float. The company has sold about $11,633,086 of stock under the agreement so far.
Key facts
- Company
- MAIA Biotechnology, Inc. (AMEX: MAIA)
- News type
- Financings
- Primary source
- MAIA Biotechnology, Inc. 424B5 (2025-03-26)
MAIA Biotechnology, Inc. reduced the maximum size of its at-the-market share sales program with H.C. Wainwright & Co. LLC from $30,000,000 to $11,200,000 on March 26, 2025, according to a Form 8-K.
In an at-the-market program, a company sells new shares into the market at prevailing prices through a broker over time. MAIA's agreement with Wainwright is dated February 14, 2024. The company said it had sold shares with an aggregate sales price of approximately $11,633,086 under the agreement in total, including approximately $6,289,062 in the last 12 months.
The cut follows General Instruction I.B.6 of Form S-3. Under it, MAIA will not sell more than one-third of its public float in a public primary offering in any 12-month period while that float is below $75.0 million. The prospectus supplement puts MAIA's public float at approximately $52,673,686, based on 25,082,708 non-affiliate shares at $2.10, the February 5, 2025 closing price. After its earlier sales, MAIA said it is eligible to sell up to approximately $11,268,834.
MAIA's common stock trades on the NYSE American under the symbol "MAIA." The last reported sale price on March 25, 2025 was $1.57 per share.