Kuke Music Hldg Ltd SEC Filings

Milestone Pharmaceuticals Inc. (NASDAQ: MIST) filed an 8-K announcing a capital raise through an underwritten public offering. On 11 July 2025, the company signed an Underwriting Agreement with TD Securities (USA) LLC, Piper Sandler & Co. and Wells Fargo Securities, LLC to sell new equity and warrants.

• Securities offered: 31,500,000 common shares plus equal numbers of Series A and Series B common warrants, all priced at US$1.50 per share-and-warrant unit.
• Pre-funded alternative: 3,502,335 pre-funded warrants (exercise price US$0.001) in lieu of common shares for certain investors, each accompanied by Series A and Series B warrants, priced at US$1.499 per package.
• Net proceeds: approximately US$48.7 million to the company after underwriting fees and estimated expenses.
• Series A warrant terms: exercise price US$1.50 (or US$1.499 if paired with pre-funded warrant), immediately exercisable, one-year expiry.
• Series B warrant terms: exercise price US$1.875 (or US$1.874 for pre-funded), immediately exercisable, five-year expiry; subject to mandatory cash exercise if the 10-day VWAP reaches ≥ US$3.50.
• Beneficial-ownership cap: Holders generally limited to 9.99 % ownership (electable down to 4.99 % or up to 19.99 % with 61-day notice).
• Closing: Offering expected to settle on or about 14 July 2025, subject to customary conditions.

The warrants contain customary anti-dilution adjustments and Black-Scholes cash redemption rights upon a fundamental transaction. All securities were issued under the company’s effective shelf registration statement (Form S-3 No. 333-283162).

Investment take-away: The transaction strengthens Milestone’s cash position by nearly US$49 million but introduces significant potential dilution—over 69 million shares could be issued upon full warrant exercise (excluding Series B mandatory exercise triggers). Existing shareholders must weigh near-term balance-sheet improvement against longer-term equity overhang.