Company: ARMP
Filing Date: 2025-08-13
Form Type: S-3
Source: 0001104659-25-077648
Chunk: 39

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: S-3
Chunk 39
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 bids to purchase the underlying security for the purpose of fixing
the price of the security so long as the stabilizing bids do not exceed a specified maximum. Penalty bids permit the underwriters to reclaim
a selling concession from a dealer when the securities originally sold by the dealer are purchased in a covering transaction to cover
short positions.

Any underwriters who are qualified
market makers on the NYSE American may engage in passive market making transactions in our common stock, preferred stock, warrants and
debt securities, as applicable on the NYSE American in accordance with Rule 103 of Regulation M, during the business day prior to
the pricing of the offering, before the commencement of offers or sales of the securities. Passive market makers must comply with applicable
volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid
at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market
maker’s bid, however, the passive market maker’s bid must then be lowered when certain purchase limits are exceeded.

Similar to other purchase
transactions, an underwriter’s purchase to cover the syndicate short sales or to stabilize the market price of our securities may
have the effect of raising or maintaining the market price of our securities or preventing or mitigating a decline in the market price
of our securities. As a result, the price of our securities may be higher than the price that might otherwise exist in the open market.
The imposition of a penalty bid might also have an effect on the price of the securities if it discourages resales of the securities.

Neither we nor any underwriter
makes any representation or prediction as to the effect that the transactions described above may have on the price of the securities.
If such transactions are commenced, they may be discontinued without notice at any time.

<div align='center'>27

LEGAL MATTERS</div>

The validity of the securities
being offered by this prospectus will be passed upon for us by Willkie Farr & Gallagher LLP, New York, New York, and Ballard
Spahr LLP, Seattle, Washington.

<div align='center'>28

EXPERTS</div>

Ernst &
Young LLP, independent registered public accounting firm, has audited our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, as set forth in their report (which contains an explanatory paragraph describing
conditions that raise substantial doubt about Arm