Quotient Limited Announces Pricing of Underwritten Offering
June 24 2022 - 8:28AM
Quotient Limited (Nasdaq: QTNT) (the Company), a commercial-stage
diagnostics company, today announced the pricing of an underwritten
public offering of 66,666,667 ordinary shares and ordinary share
equivalents for aggregate gross proceeds of $20.0 million. The
aggregate net proceeds to the Company from this offering are
expected to be approximately $18.5 million, after deducting
underwriting discounts and commissions and other estimated offering
expenses payable by the Company. All of the securities sold in the
offering were offered by the Company. In addition, the Company has
granted the underwriters a 30-day option to purchase up to an
additional 10,000,000 of its ordinary shares. The offering is
expected to close on June 28th, 2022, subject to customary closing
conditions.
The Company intends to use the net proceeds of
the offering to fund the ongoing development and commercialization
of its MosaiQ microarray menu and for working capital, operating
expenses and other general corporate purposes.
Jefferies LLC and Cowen and Company, LLC are
acting as acting as joint book-running managers for the
offering.
The securities in the public offering described
above are being offered pursuant to the Company's shelf
registration statement on Form S-3, as amended by Amendment No. 1,
filed with the Securities and Exchange Commission (SEC) on August
21, 2020 and on September 2, 2020, respectively, and declared
effective by the SEC on September 4, 2020. The offering is being
made only by means of a written prospectus and prospectus
supplement that form a part of the registration statement. A
preliminary prospectus supplement and accompanying prospectus
relating to the offering have been filed with the SEC and are
available, and 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 at
www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus, when available, may
also be obtained from Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, 18th Floor, New York,
New York, 10022, or by telephone at (877) 821-7388 or by email at
prospectus_department@jefferies.com; Cowen and
Company, LLC, c/o Broadridge Financial Services, 1155 Long Island
Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by
telephone at (833) 297-2926 or by email at
PostSaleManualRequests@broadridge.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the securities being
offered, nor shall there be any sale of the securities being
offered in any state or other 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 other
jurisdiction.
About Quotient Limited
Building on over 30 years of experience in
transfusion diagnostics, Quotient is a commercial-stage diagnostics
company committed to delivering solutions that it believes reshape
the way diagnostics are practiced. The MosaiQ solution, Quotient’s
proprietary multiplex microarray technology, offers the world’s
first fully automated, consolidated testing platform, allowing for
multiple tests across different modalities. The MosaiQ solution is
designed to be a game-changing solution, which Quotient believes
will increase efficiencies, improve clinical practice, deliver
significant workflow improvements, and create operational cost
savings to laboratories around the world. Quotient's operations are
based in Switzerland, Scotland, US and the UAE.
The Quotient logo, Quotient MosaiQ and MosaiQ
are registered trademarks or trademarks of Quotient Limited and its
subsidiaries in various jurisdictions.
Forward Looking Statements
This news release contains forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, Section 21E of the Securities Exchange Act of
1934 and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include statements regarding
the underwritten public offering, including the anticipated net
proceeds to be raised in the offering and expected closing date of
the offering. Such statements are based on current assumptions that
involve risks and uncertainties that could cause actual outcomes
and results to differ materially, including: market conditions;
Quotient's ability to satisfy closing conditions related to the
offering; unanticipated expenses associated with the offering; and
other risks set forth in Quotient's most recent Annual Report on
Form 10-K and Quarterly Report on Form 10-Q, as well as
other documents that Quotient files with the Securities and
Exchange Commission, including the Registration Statement on
Form S-3 (File No. 333-248235), as amended by Amendment
No. 1, for the offering. Investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. Quotient disclaims any obligation to update
these forward-looking statements because of new information, future
events or circumstances or other factors. The Quotient logo,
Quotient MosaiQ and MosaiQ are trademarks or registered trademarks
of Quotient Limited or its subsidiaries in various
jurisdictions.
CONTACT: Investor
Relations, ir@quotientbd.com; +41 22 545 52 26
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