ANI Pharmaceuticals, Inc. announced that it has entered into an Equity Commitment and Investment Agreement for a private placement of 25,000 series A convertible preferred stock at an issue price of $1,000 per share for the gross proceeds of $25,000,000 on March 8, 2021. The transaction will include participation from Ampersand 2020 Limited Partnership, a fund managed by Ampersand Management LLC. The transaction is expected to be completed in the second half of 2021, subject to the satisfaction of customary closing conditions, approval from relevant regulatory agencies, including clearance under the Hart-Scott Rodino Antitrust Improvements Act, and approval by shareholders. The transaction has been approved by board of directors of the company. The preferred shares will accrue dividends at 6.50% per year on a cumulative basis and are convertible into common shares of the company. The preferred stock issued will have customary lock-up and standstill provisions. The shares of Series A Convertible Preferred Stock to be issued in connection with the Equity Commitment and Investment Agreement are not to be registered under the Securities Act in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder.