Pacific Biosciences of California, Inc. Announces Proposed Public Offering of Common Stock
November 10 2020 - 4:05PM
Pacific Biosciences of California, Inc. (Nasdaq: PACB) today
announced that it intends to offer and sell $85.0 million of shares
of its common stock and a selling stockholder intends to offer
1,304,348 of common stock shares in an underwritten public
offering. Pacific Biosciences also intends to grant the
underwriters a 30-day option to purchase up to an additional $12.75
million of shares of its common stock, and the selling stockholder
also intends to grant the underwriters a 30-day option to purchase
up to an additional 195,652 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 and Cowen are acting as joint book-running
managers for the offering. Cantor 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. Pacific Biosciences
will not receive any proceeds from the sale of shares in the
offering by the selling stockholder.
The securities described above are being offered pursuant to a
shelf registration statement filed by Pacific Biosciences with the
Securities and Exchange Commission ("SEC") that became
automatically effective upon filing. 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
650.521.8450ir@pacificbiosciences.com
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