Apollomics raises $10M in private placement, with CEO converting note

What's the deal? Apollomics (APLM:NASDAQ) said it entered into agreements for a private placement expected to raise about $10 million. The structure combines $8 million in fresh cash with the conversion of a $2 million note held by chief executive officer Hung-Wen Chen.

How it's structured. The cash portion comes from selling 533,334 Class A shares at $15 each. Chen's $2 million convertible note converts into 166,667 shares at $12 each.

The signal. The transaction gives the listed biotechnology company $8 million in fresh cash while converting an existing $2 million note into equity.

Read more: Seeking Alpha

Image credit: Apollomics