Pacific Biosciences of California, Inc. Announces Pricing of Public Offering of Common Stock
August 11 2020 - 11:20PM
Pacific Biosciences of California, Inc. (Nasdaq: PACB) (“Pacific
Biosciences” or the “Company”) today announced that it has priced
its previously announced underwritten public offering of 19,430,000
shares of its common stock at a price to the public of $4.47 per
share. The offering is expected to close on or about August
14, 2020 subject to satisfaction of customary closing
conditions. Pacific Biosciences also granted the underwriters
a 30-day option to purchase up to an additional 2,914,500 shares of
its common stock at the public offering price, less underwriting
discounts and commissions. Before deducting the underwriting
discount and estimated offering expenses payable by the Company,
the Company expects to receive gross proceeds of approximately
$86.9 million, assuming no exercise of the underwriters' option to
purchase additional shares.
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 were filed with the SEC on
August 11, 2020. A final 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 final
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 consummate the offering of
common stock described herein, including due to the satisfaction of
customary closing conditions and 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 proposed 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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