Armata Pharmaceuticals Inc. entered into a securities purchase agreement with returning investor Innoviva Strategic Opportunities LLC to issue 9,000,000 common shares at a price of $5 per share for gross proceeds of $45,000,000 on February 9, 2022. The company will also issue warrants to purchase up to 4,500,000 additional shares with an exercise price of $5 per share. The transaction is expected to occur in two tranches. The first tranche will comprise of approximately 3,600,000 shares and warrants to purchase approximately 1,800,000 shares for gross proceeds of $18,100,000. The second tranche will comprise of approximately 5,400,000 shares and warrants to purchase approximately 2,700,000 shares for gross proceeds of $26,900,000. The closing of the second tranche is expected to occur near the end of the first quarter of 2022, subject to the satisfaction of certain closing conditions, including the approval of company's stockholders.

On the same date, the company issued 3,614,792 shares for proceeds of $18,100,000 and common warrants to purchase 1,807,396 shares of common stock in the first tranche closing.