Company: ARMP
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001104659-25-117382
Chunk: 67

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 67
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 We cannot guarantee the
liquidity of the trading markets for any securities.

Any underwriter may engage
in over-allotment, stabilizing transactions, short covering transactions and penalty bids in accordance with Regulation M under the Exchange
Act. Over-allotment involves sales in excess of the offering size, which create a short position. This short sales position may involve
either “covered” short sales or “naked” short sales. Covered short sales are short sales made in an amount not
greater than the underwriters’ over-allotment option to purchase additional securities in the relevant offering. The underwriters
may close out any covered short position either by exercising their over-allotment option or by purchasing securities in the open market.
To determine how they will close the covered short position, the underwriters will consider, among other things, the price of securities
available for purchase in the open market, as compared to the price at which they may purchase securities through the over-allotment option.
Naked short sales are short sales in excess of the over-allotment option. The underwriters must close out any naked short position by
purchasing securities in the open market. A naked short position is more likely to be created if the underwriters are concerned that,
in the open market after pricing, there may be downward pressure on the price of the securities that could adversely affect investors
who purchase securities in the offering. Stabilizing transactions permit 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