Immunovant Announces Redemption of Warrants and Achievement of First Earnout Milestone under Share Exchange Agreement

NEW YORK, May 14, 2020 (GLOBE NEWSWIRE) — Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases, today announced that holders of its 11.5 million outstanding warrants will have until 5:00 p.m., New York City time, on June 15, 2020 to exercise their warrants.  The 11.5 million warrants are exercisable for an aggregate of 5.75 million shares of Immunovant’s common stock at a price of $11.50 per share, representing a total of $66.125 million in potential proceeds to Immunovant.  Pursuant to the warrant agreement, Immunovant is entitled to redeem all of the outstanding warrants if the last sale price of its common stock is at least $16.50 per share on each of 20 trading days within any 30 trading-day period.  This share price performance target was achieved on May 11, 2020.  Any warrants that remain unexercised immediately after 5:00 p.m., New York City time, on June 15, 2020 will be void and no longer exercisable, and the holders of those warrants will be entitled to receive $0.01 per warrant. Warrants must be exercised for a whole number of shares at a price of $11.50 per share and, as a result, warrants must be exercised in multiples of two.  As a result of the redemption of the outstanding warrants, Immunovant’s warrants and units will each cease to be listed on the Nasdaq Capital Market, effective at the close of trading on June 15, 2020.  Holders of warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their warrants since the process to exercise is voluntary.At 5:00 p.m., New York City time, on June 15, 2020, Immunovant’s outstanding units will be mandatorily separated into their component parts – one share of common stock and one warrant to purchase one-half of one share of common stock – and the warrants and units will cease trading. As a result, at 5:00 p.m., New York City time, on June 15, 2020, each unit holder’s account, in lieu of units, will reflect ownership of the number of shares of common stock underlying such holder’s units.  The shares of common stock underlying the warrants have been registered by Immunovant under the Securities Act of 1933, as amended, and are covered by a registration statement filed with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-235975).Questions concerning redemption and exercise of the warrants can be directed to Continental Stock Transfer & Trust Company, 1 State Street, New York, New York 10004, Attention: Compliance Department, telephone number (212) 509-4000.  For a copy of the notice of redemption sent to the holders of the warrants and a prospectus relating to the shares of common stock issuable upon exercise of the warrants, please send an email request to info@immunovant.com