Accolade Announces Closing of Initial Public Offering and Full Exercise of the Underwriters' Option to Purchase Additional Shares

Rhea-AI Summary

Accolade, Inc. (NASDAQ: ACCD) has successfully closed its initial public offering, offering 11,526,134 shares of common stock at a public price of $22.00 per share. This includes the full exercise of the underwriters' option to purchase an additional 1,503,408 shares. Major underwriters include Goldman Sachs, Morgan Stanley, and BofA Securities. The offering will aid Accolade in providing personalized healthcare solutions and enhancing its marketplace presence. This IPO allows the company to navigate the healthcare system and improve consumer engagement.

Positive

• Successfully raised funds through an IPO of 11,526,134 shares at $22.00 per share.
• Increased visibility and market presence through the IPO.

Negative

• Potential shareholder dilution from the additional shares purchased by underwriters.

SEATTLE, July 7, 2020 /PRNewswire/ -- Accolade, Inc. (NASDAQ: ACCD), which provides personalized, technology-enabled solutions that help people better understand, navigate, and utilize the healthcare system and their workplace benefits, today announced the closing of its initial public offering of 11,526,134 shares of its common stock, inclusive of the full exercise by the underwriters of their option to purchase 1,503,408 shares of common stock, at a price to the public of $22.00 per share. The shares are listed for trading on The Nasdaq Global Select Market under the ticker symbol "ACCD".  

Goldman Sachs & Co. LLC, Morgan Stanley, and BofA Securities acted as joint book-running managers for the offering. Piper Sandler, Credit Suisse, and William Blair acted as book-running managers. Baird and SVB Leerink acted as co-managers.

The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: Goldman Sachs & Co. LLC,  Attn: Prospectus Department, 200 West Street, New York, New York 10282, by email at prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by email at prospectus@morganstanley.com; or BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, or by email dg.prospectus_requests@bofa.com.

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 Accolade, Inc.

Accolade provides personalized health and benefits solutions designed to empower every person to live their healthiest life. Using a blend of cloud-based technologies, specialized support from Accolade Health Assistants® and Clinicians, and integrated data and programs across mobile, online and phone, Accolade navigates people through the healthcare system with trust, empathy and ease. Employers offer Accolade to employees and their families as the single place to turn for all health, healthcare, and benefits questions or concerns, increasing their engagement in benefits and connecting them to high-quality providers and care. By empowering members to make better decisions about their health, Accolade can support members in lowering the cost and complexity of healthcare while achieving consumer satisfaction ratings over 90 percent and an NPS of 60.

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SOURCE Accolade

FAQ

What was the share price for Accolade's initial public offering?

Accolade's initial public offering price was $22.00 per share.

How many shares were offered in Accolade's IPO?

Accolade offered a total of 11,526,134 shares in its IPO.

Who were the underwriters for Accolade's IPO?

The underwriters included Goldman Sachs, Morgan Stanley, and BofA Securities.

What is the ticker symbol for Accolade on Nasdaq?

The ticker symbol for Accolade on Nasdaq is ACCD.

What will Accolade use the funds from its IPO for?

Accolade will use the IPO proceeds to enhance its personalized healthcare solutions and expand market presence.