SAB Biotherapeutics, Inc. 8-K

What Happened
SAB Biotherapeutics, Inc. announced on December 29, 2025 that it entered into a sales agreement with UBS Securities LLC to establish an at‑the‑market (ATM) offering program to sell up to $75,000,000 of its common stock under its Form S‑3 shelf registration. The company said net proceeds, if any, would be used to support pipeline development and for general corporate and working capital purposes. The agreement allows UBS to sell shares on Nasdaq at market prices as the company's agent or principal, and the company is not obligated to sell any shares. The 8‑K was signed by CEO Samuel J. Reich.

Key Details

• ATM size: up to $75,000,000 of common stock under a Form S‑3 shelf (sales through UBS Securities LLC).
• Agent fee: the company will pay UBS up to 3% of gross proceeds on each sale.
• Timing/termination: the agreement can be terminated by either party with 10 days' notice; sales will be made as market transactions permitted under Rule 415(a)(4).
• Prior program ended: SAB terminated its prior $20,000,000 ATM with Cantor Fitzgerald effective December 17, 2025; Cantor waived any 60‑day restriction and there were no costs associated with the early termination.

Why It Matters
This ATM gives SAB Biotherapeutics a flexible, on‑demand way to raise equity capital without a fixed offering — useful for funding clinical programs and general operations. Because the company is not required to sell shares, it can manage timing and amounts to limit dilution, but any future sales will dilute existing shareholders and reduce net proceeds by the agent fee (up to 3%). Investors should watch for press releases or SEC filings reporting actual share issuances and the pace of any future sales under this program.