Action required: Please refresh your browser
We have recently implemented some changes that require a hard refresh of your browser: Please hold down the CTRL-key and press the F5 key.
After a successful hard refresh, this message should not appear anymore.
More details about this topic are available here »
GeneDx Holdings Announces Pricing Of A $150 Million Underwritten Public Offering Of Class A Common Stock And Concurrent Registered Direct Offering | ||
By: GlobeNewswire - 27 Jan 2023 | Back to overview list |
|
STAMFORD, Conn., Jan. 27, 2023 (GLOBE NEWSWIRE) -- GeneDx Holdings Corp. (Nasdaq: WGS) today announced the pricing of offerings for an aggregate of 428,571,429 shares of its Class A common stock at a public offering price of $0.35 per share (the “Offerings”). The Offerings consist of an underwritten public offering (the “Underwritten Offering”) of 328,571,429 shares and a registered direct offering (the “Direct Offering”) of 100,000,000 shares to institutional investors affiliated with a member of GeneDx’s board of directors (comprising 77,663,376 shares (the “Initial Direct Offering Shares”) that are expected to be issued following the closing of the Underwritten Offering and 22,336,624 shares (the “Additional Direct Offering Shares”) that are subject to stockholder approval to satisfy Nasdaq requirements with respect to the issuance of such shares of Class A common stock). GeneDx has granted the underwriter a 30-day option to purchase up to an additional 49,285,714 shares of Class A common stock in connection with the Underwritten Offering. The gross proceeds to GeneDx from the Offerings, before deducting underwriting discounts and commissions and other offering fees and expenses payable by GeneDx, are expected to be $150 million. Jefferies is acting as the sole book-running manager for the Underwritten Offering and as the sole placement agent for the Direct Offering. Cowen is acting as a financial advisor to GeneDx for the Offerings. All of the securities are being offered by GeneDx. GeneDx intends to use the net proceeds from the Offerings primarily for general corporate purposes, including additions to working capital, repayment or redemption of existing indebtedness, and strategic investment opportunities. The Underwritten Offering and the closing of the Initial Direct Offering Shares in the Direct Offering are expected to close on or about January 31, 2023, in each case subject to the satisfaction of customary closing conditions. The closing of the Underwritten Offering is not conditioned upon the closing of the Direct Offering. The Company expects to call a special meeting of stockholders for the approval of a proposal to issue the Additional Direct Offering Shares. The Offerings are being made pursuant to a shelf registration statement (File No. 333-267112) on Form S-3 that was previously filed by GeneDx with the Securities and Exchange Commission (“SEC”) on August 26, 2022 and was declared effective on September 7, 2022. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the Underwritten Offering was filed with the SEC and is available on the SEC’s website at www.sec.gov. A copy of the final prospectus supplement relating to the Underwritten Offering, when available, may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York, 10022, by telephone at (877) 821-7388 or by email at prospectus_department@jefferies.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of GeneDx, nor shall there be any sale of these securities in any state or 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 jurisdiction. About GeneDx Forward-Looking Statements Media contact Stephanie Kahan Investor contact Tricia Truehart |
||
|
||
Copyright 2023 GlobeNewswire | Back to overview list |