LOS ANGELES, CA / ACCESSWIRE / July 11, 2023 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Allarity Therapeutics, Inc. ("Allarity" or "the Company") (NASDAQ:ALLR) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Allarity communicated on July 6, 2023, "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." The Company added, "the closing of the offering is expected to occur on or about July 10, 2023" and "the 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." Based on this news, shares of Allarity fell by almost 54% on the same day.
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We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
[email protected]
www.schallfirm.com
SOURCE: The Schall Law Firm