Pacific Biosciences of California, Inc. Announces Proposed Public Offering of Common Stock
August 11 2020 - 4:32PM
Pacific Biosciences of California, Inc. (Nasdaq: PACB) today
announced that it intends to offer and sell $75.0 million of shares
of its common stock in an underwritten public offering.
Pacific Biosciences also intends to grant the underwriters a 30-day
option to purchase up to an additional $11.25 million of shares of
its common stock at the public offering price, less underwriting
discounts and commissions. 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.
Morgan Stanley & Co. LLC and Cowen and Company, LLC are
acting as joint book-running managers for the offering. Cantor
Fitzgerald & Co. is also acting as a book-running manager for
the offering.
Pacific Biosciences intends to use the net proceeds from the
offering for (i) additional product launches and research and
development, (ii) commercial infrastructure expansion and (iii)
general corporate purposes. Pacific Biosciences may also use
a portion of the net proceeds from the offering to acquire or
invest in complementary businesses, technologies, product
candidates or other intellectual property, although it has no
present commitments or agreements to do so.
A shelf registration statement relating to the shares of common
stock was previously filed with the Securities and Exchange
Commission (the “SEC”) and declared effective on July 14,
2020. A preliminary prospectus supplement and accompanying
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC’s website. Copies of the preliminary
prospectus supplement (when available) and accompanying prospectus
may be obtained from Morgan Stanley & Co. LLC, Prospectus
Department, 180 Varick Street, Second Floor, New York, NY 10014 or
Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus
Department, by email at PostSaleManualRequests@broadridge.com or by
telephone at (833) 297-2926.
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 other 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 other jurisdiction. Any offer, if at all, will be
made only by means of the prospectus supplement and accompanying
prospectus forming a part of the effective registration
statement.
About Pacific Biosciences
Pacific Biosciences of California, Inc. (Nasdaq: PACB), is
empowering life scientists with highly accurate long-read
sequencing. The company’s innovative instruments are based on
Single Molecule, Real-Time (SMRT®) Sequencing technology, which
delivers a comprehensive view of genomes, transcriptomes, and
epigenomes, enabling access to the full spectrum of genetic
variation in any organism. Cited in thousands of peer-reviewed
publications, PacBio® sequencing systems are in use by scientists
around the world to drive discovery in human biomedical research,
plant and animal sciences, and microbiology.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements
involve risks and uncertainties that could cause actual results to
differ materially, including, but not limited to, whether or not
Pacific Biosciences will be able to raise capital through the sale
of shares of common stock or consummate the offering, the final
terms of the offering, the satisfaction of customary closing
conditions, prevailing market conditions, the anticipated use of
the proceeds of the offering which could change as a result of
market conditions or for other reasons, and the impact of general
economic, industry or political conditions in the United States or
internationally. Additional risks and uncertainties relating
to the offering, Pacific Biosciences and its business can be found
under the heading “Risk Factors” in Pacific Biosciences’ most
recent periodic, quarterly and annual reports filed with the SEC
and in the preliminary prospectus supplement and accompanying
prospectus relating to the offering to be filed with the SEC.
Pacific Biosciences assumes no duty or obligation to update or
revise any forward-looking statements for any reason.
Contact:Investors: Trevin Rard 650.521.8450
ir@pacificbiosciences.com
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