BMO Capital, Stifel, Wedbush were joint bookrunning managers for deal
By Devika Patel
Knoxville, Tenn., Aug. 4 – Applied Genetic Technologies Corp. said the underwriters for its public offering of stock opted to exercise the deal’s $4.5 million greenshoe in full, lifting total proceeds to $34.5 million on July 30. The deal was announced July 11 and priced for $30 million with the greenshoe on July 24.
The company sold 2.3 million common shares at $15.00 per share. The price per share is a 10.18% discount to the July 23 closing share price of $16.70. Of the shares, 300,000 were part of the fully exercised greenshoe.
BMO Capital Markets, Stifel and Wedbush PacGrow Life Sciences were the joint bookrunners.
Proceeds will be used for preclinical investigation and phase 1/2 trials, to expand manufacturing capabilities, to in-license, acquire or invest in complementary gene therapy technologies, products or assets and for working capital and other general corporate purposes.
The clinical-stage biotechnology company is based in Alachua, Fla.
| Issuer: | Applied Genetic Technologies Corp.
|
| Issue: | Common stock
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| Amount: | $34.5 million, including $4.5 million greenshoe
|
| Shares: | 2.3 million
|
| Price: | $15.00
|
| Warrants: | No
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| Bookrunners: | BMO Capital Markets, Stifel and Wedbush PacGrow Life Sciences
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| Co-managers: | Cantor Fitzgerald & Co. and Roth Capital Partners
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| Announcement date: | July 11
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| Pricing date: | July 24
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| Settlement date: | July 30
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| Stock symbol: | Nasdaq: AGTC
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| Stock price: | $16.70 at close July 23
|
| Market capitalization: | $238.21 million
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