BTIG terminates $50 million ATM sales agreement with Matinas BioPharma (MTNB)
Against the backdrop of a capital environment that continues to test smaller biotech issuers, BTIG, LLC terminated its at-the-market sales arrangement with Matinas BioPharma Holdings, Inc. (NYSE American: MTNB) on July 23, 2026.…
Key takeaways
- BTIG, LLC terminated its at-the-market sales agreement with Matinas BioPharma Holdings (NYSE American: MTNB) on July 23, 2026, effective immediately.
- The terminated agreement, originally executed on July 2, 2020, had authorized Matinas BioPharma to sell up to $50,000,000 in common stock through BTIG in registered at-the-market offerings.
- BTIG invoked Section 12(a) of the Sales Agreement, and no termination penalties or other expenses attach to the lapse.
- Matinas BioPharma disclosed no replacement ATM arrangement, and BTIG's reasoning for the termination was not disclosed in the filing.
- For the pre-revenue issuer, the absence of a disclosed replacement is the material fact, narrowing its on-demand equity access.
Against the backdrop of a capital environment that continues to test smaller biotech issuers, BTIG, LLC terminated its at-the-market sales arrangement with Matinas BioPharma Holdings, Inc. (NYSE American: MTNB) on July 23, 2026. The broker-dealer invoked Section 12(a) of the Sales Agreement to close out the facility with immediate effect, removing a capital mechanism the Bedminster, New Jersey company had held in reserve since July 2020. No replacement arrangement was disclosed.
What the Sales Agreement covered
The agreement, originally executed on July 2, 2020, authorized Matinas BioPharma to sell shares of its common stock through BTIG in registered at-the-market offerings, up to an aggregate offering price of $50,000,000. ATM facilities are a common fixture for pre-revenue biotechs: they allow incremental equity issuance at prevailing market prices, avoiding the discount and dilution concentration typical of a fixed-size secondary offering. The $50 million ceiling defined the outer limit of the facility. The original agreement was filed as Exhibit 1.01 to a Form 8-K on the original execution date.
The termination and its terms
BTIG notified Matinas BioPharma of the exit on July 23, 2026, and the termination became effective immediately. The company disclosed in a Form 8-K filed with the Securities and Exchange Commission that no termination penalties or other expenses attach to the lapse. Chief Executive Officer Jerome D. Jabbour signed the filing on behalf of the Delaware-incorporated company on July 24, 2026.
Read-through for capital access
ATM agreements function when broker-dealers are willing to carry the market risk of incremental share sales and when a company's stock is liquid enough for those sales to clear without moving the price against the issuer. BTIG's reasoning for invoking the termination clause is not disclosed in the filing. The macro caveat here is direct: without an ATM or an announced substitute, Matinas BioPharma's access to on-demand equity narrows to whatever other instruments the company holds. The filing names none. For a pre-revenue issuer operating in a capital market that has grown more selective toward speculative-stage names, the absence of a disclosed replacement is the material fact.
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