MAIA Biotechnology, Inc entered into a Securities Purchase Agreement to issue 2,496,318 shares of the common stock, par value $0.0001 per share, and warrants to purchase up to 2,496,318 shares of the Company?s Common Stock, at a price per share of $1.17 for an aggregate purchase price of approximately $2,920,692.06 on March 11, 2024. The transaction includes participation from investors and board of directors. The closing of the private placement is expected to occur on March 14, 2024, subject to the satisfaction of customary closing conditions.

The Shares and the Warrants sold in the Private Placement are being issued as restricted securities as defined in Rule 144 of the Securities Act of 1933, as amended and do not contain any registration rights. The Common Warrants are exercisable at a price per Share of $1.30, which price represents the greater of the book or market value of the stock on the date the Purchase Agreement was executed (subject to customary adjustments as set forth in the Investor Warrants, which do not include any provisions relating to price protection), are exercisable commencing six months following issuance and have a term of five years from the initial exercise date. The transaction is pursuant to exemption provided under Regulation D. The Shares and the Warrants sold in the Private Placement are being issued as restricted securities as defined in Rule 144 of the Securities Act of 1933, as amended and do not contain any registration rights.