Adicet Bio, Inc. Announces Pricing of $135 Million Public Offering of Common Stock and Concurrent Private Placement
February 10 2021 - 07:51AM
Adicet Bio, Inc. (“Adicet”) (Nasdaq: ACET), a biotechnology company
discovering and developing allogeneic gamma delta T cell therapies
for cancer and other diseases, today announced the pricing of an
underwritten public offering of 9,230,770 shares of its common
stock at a public offering price of $13.00 per share. Adicet also
granted the underwriters a 30-day option to purchase up to an
additional 1,344,743 shares of common stock at the public offering
price, less underwriting discounts and commissions. The gross
proceeds from the offering, before deducting underwriting discounts
and commissions and offering expenses, are expected to be
approximately $120.0 million, excluding any exercise of the
underwriters' option to purchase additional shares. All of the
shares in the offering are to be sold by Adicet. The offering is
expected to close on or about February 12, 2021, subject to
customary closing conditions.
In connection with the offering, Adicet intends to enter into a
stock purchase agreement with certain existing investors for $15.0
million of shares of its common stock at a price per share equal to
the public offering price, with an initial closing for certain
investors to be held simultaneous with the closing of the offering
and a subsequent closing for certain additional investors.
The offering is subject to market and other conditions, and
there can be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering. The
consummation of the private placement will be contingent upon the
closing of the offering.
Guggenheim Securities is acting as book-running manager for the
offering. Canaccord Genuity LLC, Wedbush Securities Inc. and JMP
Securities LLC are acting as co-managers for the offering.
The shares are being offered by Adicet pursuant to a shelf
registration statement that was previously filed with, and
subsequently declared effective on February 12, 2019 by, the U.S.
Securities and Exchange Commission (SEC). A preliminary prospectus
supplement relating to and describing the terms of the offering was
filed with the SEC on February 9, 2021. The final prospectus
supplement relating to the offering will be filed with the SEC and
will be available on the SEC’s website at www.sec.gov. Copies of
the final prospectus supplement and the accompanying prospectus
relating to the offered securities may be obtained, when available,
from Guggenheim Securities, LLC, Attention: Equity Syndicate
Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by
telephone at (212) 518-9544, or by email at
GSEquityProspectusDelivery@guggenheimpartners.com.
This press release shall 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
registration or qualification under the securities laws of any such
state or jurisdiction.
About Adicet
Adicet Bio, Inc. is a biotechnology company discovering and
developing allogeneic gamma delta T cell therapies for cancer and
other diseases. Adicet is advancing a pipeline of “off-the-shelf”
gamma delta T cells, engineered with chimeric antigen receptors and
T cell receptor-like antibodies to enhance selective tumor
targeting, facilitate innate and adaptive anti-tumor immune
response, and improve persistence for durable activity in
patients.
Forward-Looking Statements
This press release contains "forward-looking statements" of
Adicet within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended, including without limitation,
statements related to the anticipated public offering of shares.
These forward-looking statements include, but are not limited to,
those relating to Adicet’s expectations regarding the anticipated
closing of the public offering and completion and timing of the
private placement. Any forward-looking statements in this press
release are based on management’s current expectations and beliefs
of future events, and are subject to a number of risks and
uncertainties that could cause actual results to differ materially
and adversely from those set forth in or implied by such
forward-looking statements. These risks and uncertainties related
to completion of the public offering on the anticipated terms, or
at all, include, but are not limited to, market conditions and the
satisfaction of customary closing conditions related to the public
offering. For a discussion of these and other risks and
uncertainties, and other important factors, any of which could
cause Adicet’s actual results to differ from those contained in the
forward-looking statements, see the section entitled “Risk Factors”
in Adicet’s most recent annual report on Form 10-K filed on March
12, 2020 and our periodic reports on Form 10-Q and Form 8-K, as
well as discussions of potential risks, uncertainties, and other
important factors in Adicet’s other filings with the SEC,
including those contained or incorporated by reference in the
preliminary prospectus supplement related to the public offering
filed with the SEC. All information in this press release is as of
the date of the release, and Adicet undertakes no duty to
update this information unless required by law.
Adicet Bio,
Inc.Investor and Media ContactsAnne
Bowdidgeabowdidge@adicetbio.com
Janhavi MohiteStern Investor Relations, Inc.212-362-1200
Source: Adicet Bio, Inc.
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