Adicet Bio, Inc. Announces Closing of $152 Million Public Offering and Concurrent Private Placement and Exercise in Full of the Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Adicet Bio, Inc. (Nasdaq: ACET) has successfully closed an underwritten public offering of 10,575,513 shares of common stock at a price of $13.00 per share, generating approximately $137.5 million in gross proceeds. This includes the full exercise of an option by underwriters to purchase an additional 1,344,743 shares. Additionally, Adicet has entered into a stock purchase agreement with existing investors for $15.0 million in shares at the public offering price. The offering is conducted under a previously filed shelf registration statement with the SEC.

Positive

• Gross proceeds of approximately $137.5 million from the public offering.
• Strategic $15.0 million stock purchase agreement with existing investors.
• Potential growth through the advancement of gamma delta T cell therapies.

Negative

• Dilution of existing shareholders due to the issuance of new shares.

MENLO PARK, Calif. and BOSTON, Mass., Feb. 16, 2021 (GLOBE NEWSWIRE) -- Adicet Bio, Inc. (“Adicet”) (Nasdaq: ACET), a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases, today announced the closing of an underwritten public offering of 10,575,513 shares of its common stock, including the exercise in full by the underwriters of their option to purchase up to an additional 1,344,743 shares of common stock at a public offering price of $13.00 per share. The aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses were approximately $137.5 million. All of the shares in the offering are to be sold by Adicet.

In connection with the offering, Adicet entered into a stock purchase agreement with certain existing investors for $15.0 million of shares of its common stock at a price per share equal to the public offering price, with an initial closing for certain investors held simultaneously with the closing of the offering and a subsequent closing for certain additional investors.

Guggenheim Securities, LLC acted as book-running manager for the offering. Canaccord Genuity LLC, Wedbush Securities Inc. and JMP Securities LLC acted as co-managers for the offering.

The shares are being offered by Adicet pursuant to a shelf registration statement that was previously filed with, and subsequently declared effective on February 12, 2019 by, the U.S. Securities and Exchange Commission (SEC). A final prospectus supplement relating to and describing the terms of the offering was filed with the SEC on February 11, 2021. Copies of the final prospectus supplement and the accompanying prospectus relating to the offered securities may be obtained from Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

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 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 Adicet

Adicet Bio, Inc. is a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases. Adicet is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors and T cell receptor-like antibodies to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response, and improve persistence for durable activity in patients.

Adicet Bio, Inc.
Investor and Media Contacts
Anne Bowdidge
abowdidge@adicetbio.com

Janhavi Mohite
Stern Investor Relations, Inc.
212-362-1200

Source: Adicet Bio, Inc.

FAQ

What was the stock price for Adicet's recent public offering?

Adicet's recent public offering was priced at $13.00 per share.

How many shares were offered in Adicet's public offering?

Adicet offered a total of 10,575,513 shares in the public offering.

What were the gross proceeds from Adicet's public offering?

The gross proceeds from Adicet's public offering were approximately $137.5 million.

Who acted as book-running manager for Adicet's offering?

Guggenheim Securities, LLC acted as the book-running manager for the offering.

What is the purpose of the funds raised in Adicet's public offering?

The funds raised will support the development of Adicet's allogeneic gamma delta T cell therapies.