Indaptus Therapeutics filed for a secondary offering of up to 58,895,000 common shares by selling stockholders. The company will not sell any shares or receive proceeds from this transaction. These shares represent a significant portion of outstanding equity and may create a substantial market overhang.
The filing follows a recent private placement and multiple financing activities. Indaptus recently halted enrollment in its Decoy20 immunotherapy trials. Management is currently evaluating strategic alternatives for the clinical-stage company.
The company’s latest audit report includes a going-concern explanatory paragraph. This designation highlights significant ongoing financial challenges for the firm.