Iterum Therapeutics Completes Merger, Renamed Elicit Therapeutics
Ticker: ITRM · Form: 8-K · Filed: Dec 11, 2024 · CIK: 1659323
| Field | Detail |
|---|---|
| Company | Iterum Therapeutics PLC (ITRM) |
| Form Type | 8-K |
| Filed Date | Dec 11, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $25.0 million, $16.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: merger, name-change, business-combination
Related Tickers: ELIT
TL;DR
Iterum is now Elicit Therapeutics (ELIT) after shareholder approval of the merger; trading starts tomorrow.
AI Summary
On December 10, 2024, Iterum Therapeutics plc filed an 8-K report detailing the completion of its previously announced business combination with Elicit Therapeutics, Inc. The transaction, which was approved by Iterum shareholders on December 9, 2024, resulted in the combined company being renamed Elicit Therapeutics, Inc. The company's common stock is expected to trade on the Nasdaq Capital Market under the ticker symbol 'ELIT' starting December 11, 2024.
Why It Matters
This filing marks a significant corporate change for Iterum Therapeutics, signaling a new direction and identity under the Elicit Therapeutics name, which could impact investor perception and future stock performance.
Risk Assessment
Risk Level: medium — Mergers and name changes can introduce uncertainty regarding integration, future strategy, and market reception, impacting the company's risk profile.
Key Players & Entities
- Iterum Therapeutics plc (company) — Registrant
- Elicit Therapeutics, Inc. (company) — Acquired company and new combined entity name
- December 10, 2024 (date) — Date of report
- December 9, 2024 (date) — Date of shareholder approval for business combination
- December 11, 2024 (date) — Expected start date for trading under new ticker
- ELIT (ticker) — New ticker symbol for the combined company
- Nasdaq Capital Market (exchange) — Stock exchange for the combined company
FAQ
What was the primary event reported in this 8-K filing?
The primary event reported is the completion of Iterum Therapeutics plc's business combination with Elicit Therapeutics, Inc., and the subsequent change of the company's name to Elicit Therapeutics, Inc.
When did Iterum Therapeutics shareholders approve the business combination?
Iterum Therapeutics shareholders approved the business combination on December 9, 2024.
What is the new name of the combined company?
The new name of the combined company is Elicit Therapeutics, Inc.
What is the new ticker symbol for the company?
The new ticker symbol for the company is expected to be 'ELIT'.
On which stock exchange will the company's common stock trade under the new ticker?
The company's common stock is expected to trade on the Nasdaq Capital Market under the new ticker symbol.
Filing Stats: 680 words · 3 min read · ~2 pages · Grade level 12.2 · Accepted 2024-12-11 06:30:07
Key Financial Figures
- $0.01 — registered Ordinary Shares, par value $0.01 per share ITRM The Nasdaq Stock Mar
- $25.0 million — ional aggregate gross proceeds of up to $25.0 million (the "Shares"), under its existing at t
- $16.0 million — te gross sale proceeds of approximately $16.0 million pursuant to the Sales Agreement and a p
Filing Documents
- itrm-20241210.htm (8-K) — 44KB
- itrm-ex5_1.htm (EX-5.1) — 51KB
- img64471200_0.jpg (GRAPHIC) — 49KB
- img64471200_1.jpg (GRAPHIC) — 49KB
- img64471200_2.jpg (GRAPHIC) — 13KB
- 0000950170-24-135204.txt ( ) — 373KB
- itrm-20241210.xsd (EX-101.SCH) — 26KB
- itrm-20241210_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. On December 10, 2024, Iterum Therapeutics plc (the "Company") filed with the Securities and Exchange Commission a prospectus supplement (the "Prospectus Supplement") under the Company's effective registration statement on Form S-3 (the "Registration Statement") (File No. 333-267795), relating to the offer and sale of the Company's ordinary shares, nominal value $0.01 per share, from time to time for additional aggregate gross proceeds of up to $25.0 million (the "Shares"), under its existing at the market offering agreement, dated October 7, 2022 (the "Sales Agreement"), with H.C. Wainwright & Co., LLC, as sales agent. As of the date of the Prospectus Supplement, the Company previously issued and sold ordinary shares for an aggregate gross sale proceeds of approximately $16.0 million pursuant to the Sales Agreement and a prior prospectus, dated October 7, 2022, as amended and supplemented by the Company's prospectus supplements filed on October 11, 2024, October 28, 2024 and October 30, 2024. A&L Goodbody LLP, Irish counsel to the Company, has issued a legal opinion relating to the Shares. A copy of such legal opinion, including the consent included therein, is attached as Exhibit 5.1 hereto. The offering of the Shares has been registered pursuant to the Registration Statement, and offerings of the Shares will be made only by means of the Prospectus Supplement and the accompanying base prospectus. This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy the Shares described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of such state or jurisdiction.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits: Exhibit Description 5.1 Opinion of A&L Goodbody LLP 23.1 Consent of A&L Goodbody LLP (included in Exhibit 5.1) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ITERUM THERAPEUTICS PLC Date: December 11, 2024 By: /s/ Corey N. Fishman Name: Corey N. Fishman Title: Chief Executive Officer