Allarity Therapeutics announced that its wholly-owned subsidiary, Allarity Sponsor LLC, formed a new special purpose acquisition company (SPAC), Allarity Acquisition Corp., which filed a Form S-1 registration statement for a proposed initial public offering. The base offering size is $100 million, potentially increasing to $115 million with full underwriter over-allotment exercise. Following the separation, the SPAC's Class A ordinary shares and warrants are expected to trade on Nasdaq under symbols "ALLN" and "ALLNW," while Allarity Sponsor LLC will hold approximately 25% of the SPAC post-offering. Jesper Hoiland, a current Allarity board member and former Novo Nordisk executive, will serve as Chairman of the SPAC's board. This strategic capital allocation does not alter Allarity’s existing working capital runway extending into summer 2028. Allarity Therapeutics is a clinical-stage biopharmaceutical company developing stenoparib, a dual PARP/Wnt pathway inhibitor for cancer treatment.
