Jasper Therapeutics Announces Pricing of $90 Million Public Offering of Common Stock

Jasper Therapeutics Announces Pricing of $90

Million Public Offering of Common Stock

REDWOOD CITY, Calif., January 25, 2023 (GLOBE

NEWSWIRE) - Jasper Therapeutics, Inc. (Nasdaq: JSPR) ("Jasper"), a biotechnology company focused on developing novel

antibody therapies targeting c-Kit (CD117) to address diseases such as chronic spontaneous urticaria and lower to intermediate risk myelodysplastic

syndromes (MDS) as well as novel stem cell transplant conditioning regimes, announced today the pricing of its underwritten public offering

of 60,000,000 shares of its common stock. Each share of common stock will be sold at a public offering price of $1.50 per share, for gross

proceeds of approximately $90 million, before deducting underwriting discounts and commissions and offering expenses. Jasper intends to

use the net proceeds from the offering for general corporate purposes, which may include capital expenditures, working capital and general

and administrative expenses. In addition, Jasper has granted the underwriters a 30-day option to purchase up to 9,000,000 additional shares

of its common stock, at the public offering price, less underwriting discounts and commissions. All of the shares of common stock are

being offered by Jasper. The offering is expected to close on or about January 27, 2023, subject to the satisfaction of customary closing

Credit Suisse Securities (USA) LLC and William

Blair & Company, L.L.C. are acting as the active book-running managers for the proposed offering. Oppenheimer & Co. Inc. is acting

as a passive book-running manager for the proposed offering.

The securities described above were offered by

Jasper pursuant to an effective "shelf" registration statement on Form S-3 (File No. 333-267777) previously filed with the

Securities and Exchange Commission (the "SEC") on October 7, 2022 and declared effective by the SEC on October 18, 2022. The

securities may be offered only by means of a prospectus. A preliminary prospectus supplement and the accompanying prospectus relating

to and describing the offering has been filed with the SEC. Electronic copies of the preliminary prospectus and, when available, copies

of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained by visiting the SEC's

website at www.sec.gov or by contacting Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New

York, NY 10010, by calling toll-free (800) 221-1037 or by emailing newyork.prospectus@credit-suisse.com, William Blair & Company,

L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by calling toll-free (800) 621-0687, or by emailing

prospectus@williamblair.com or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New

York, NY 10004, or by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com.

This press release does not constitute an offer

to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction

in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any

such state or jurisdiction.

Jasper is a clinical-stage biotechnology company

developing briquilimab, a monoclonal antibody targeting c-Kit (CD117) as a therapeutic for chronic mast and stem cell diseases such as

chronic urticaria and lower to intermediate risk myelodysplastic syndromes (MDS) and as a conditioning agent for stem cell transplants

for rare diseases such as sickle cell disease (SCD), Fanconi anemia (FA) and severe combined immunodeficiency (SCID). To date, briquilimab

has a demonstrated efficacy and safety profile in over 130 dosed subjects and healthy volunteers, with clinical outcomes as a conditioning

agent in SCID, acute myeloid leukemia (AML), MDS, FA, and SCD. In addition, briquilimab is being advanced as a transformational non-genotoxic

conditioning agent for gene therapy.

Forward-Looking Statements

Certain statements included in this press release

that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private

Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as "believe,"

"may," "will," "estimate," "continue," "anticipate," "intend,"

"expect," "should," "would," "plan," "predict," "potential," "seem,"

"seek," "future," "outlook" and similar expressions that predict or indicate future events or trends

or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding

the completion of the underwritten public offering and the anticipated proceeds from the offering and the use of such proceeds. These

statements are based on our current expectations and beliefs and are subject to a number of factors and uncertainties that could cause

actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties involved include

those associated with general economic and market conditions and our ability to satisfy closing conditions applicable to the offering,

as well as other risk factors and matters set forth in our periodic filings with the SEC, including our most recent Annual Report on Form

10-K, subsequent Quarterly Reports on Form 10-Q, and the preliminary prospectus supplement and the accompanying prospectus related to

the public offering filed with the SEC. Although we believe that the expectations reflected in our forward-looking statements are

reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking

statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake

any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or

otherwise, except as may be required under applicable securities laws.

John Mullaly (investors)

Jeet Mahal (investors)

Lauren Barbiero (media)