Summary by Futu AI
Cassava Sciences, Inc. (Cassava) announced the issuance of up to 25,342,150 shares of its common stock, par value $0.001 per share, upon the exercise of warrants distributed to all holders of common stock on the record date of December 22, 2023. The warrants, issued on January 3, 2024, are transferable and expected to trade on Nasdaq under the ticker SAVAW. Each warrant entitles the holder to purchase one share of common stock at an initial exercise price of $33.00, subject to adjustments, until November 15, 2024. The exercise of the warrants is for cash only. If all warrants are exercised, Cassava would have 67,579,069 shares of common stock issued and outstanding. The company has entered into a warrant agreement with Computershare Trust Company, N.A., as the Warrant Agent. The proceeds from the exercise of the warrants are intended for general corporate purposes, including supporting ongoing clinical trials. The offering involves substantial risks, and the company advises investors to read the 'Risk Factors' section of the prospectus supplement dated January 3, 2024, before buying shares.