Adicet Bio, Inc. Announces Pricing of Public Offering of Common Stock

Rhea-AI Summary

Adicet Bio, Inc. (Nasdaq: ACET) has announced a public offering of 6,250,000 shares of common stock priced at $14.00 per share, aiming for gross proceeds of approximately $87.5 million. The company has granted underwriters a 30-day option to purchase an additional 937,500 shares. The offering is set to close around December 10, 2021, pending customary closing conditions. This offering is conducted under a previously effective shelf registration statement with the SEC.

Positive

• Expected gross proceeds of $87.5 million from the offering, potentially enhancing liquidity for operations.
• The share offering may support Adicet in advancing its allogeneic gamma delta CAR T cell therapies pipeline.

Negative

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

MENLO PARK, Calif. and BOSTON, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Adicet Bio, Inc. (“Adicet”) (Nasdaq: ACET), a biotechnology company discovering and developing allogeneic gamma delta CAR T cell therapies for cancer and other diseases, today announced the pricing of an underwritten public offering of 6,250,000 shares of its common stock at a public offering price of $14.00 per share. Adicet also granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be $87.5 million, excluding any exercise of the underwriters' option to purchase additional shares. All of the shares in the offering are to be sold by Adicet. The offering is expected to close on or about December 10, 2021, subject to the satisfaction of customary closing conditions.

Jefferies and Guggenheim Securities are acting as joint book-running managers for the offering. Truist Securities is acting as passive book-runner for the offering. BTIG, H.C. Wainwright & Co. and JonesTrading are acting 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 March 30, 2021 by, the U.S. Securities and Exchange Commission (SEC). A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC on December 7, 2021. The final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offered securities may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2^nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@Jefferies.com; or 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.

Forward-Looking Statements

This press release contains "forward-looking statements" of Adicet within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including without limitation, statements related to the anticipated public offering of shares. These forward-looking statements include, but are not limited to, those relating to Adicet’s expectations regarding the anticipated closing of the public offering. Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events, and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties related to completion of the public offering on the anticipated terms, or at all, include, but are not limited to, market conditions and the satisfaction of customary closing conditions related to the public offering. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Adicet’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Adicet’s most recent annual report on Form 10-K filed on March 12, 2021 and our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Adicet’s other filings with the SEC, including those contained or incorporated by reference in the preliminary prospectus supplement related to the proposed public offering to be filed with the SEC. All information in this press release is as of the date of the release, and Adicet undertakes no duty to update this information unless required by law.

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

Source: Adicet Bio, Inc.

FAQ

What is the share price for Adicet's public offering?

Adicet's public offering price is set at $14.00 per share.

How many shares is Adicet offering in its public offering?

Adicet is offering 6,250,000 shares, with an option for underwriters to purchase an additional 937,500 shares.

What are the expected proceeds from Adicet's public offering?

The expected gross proceeds from the offering are approximately $87.5 million.

When is the expected closing date for Adicet's public offering?

The offering is expected to close on or about December 10, 2021.

Who are the underwriters for Adicet's public offering?

Jefferies and Guggenheim Securities are the joint book-running managers for the offering.