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

Rhea-AI Summary

Adicet Bio, a clinical-stage biotechnology company, announced an underwritten public offering of 4,500,000 shares of its common stock, with a potential additional 675,000 shares option for underwriters. The offering, subject to market conditions, aims to raise capital for advancing its gamma delta T cell therapies for cancer treatment. BofA Securities, Jefferies, and SVB Leerink serve as joint book-running managers. The shares will be sold under a shelf registration statement declared effective by the SEC.

Positive

• Intended use of funds for advancing gamma delta T cell therapies.
• Potential for increased capital through the additional share option.

Negative

• Dilution risk for existing shareholders due to new shares being offered.
• Market conditions may impact the completion and terms of the offering.

MENLO PARK, Calif. and BOSTON, Sept. 21, 2020 (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 that it has commenced an underwritten public offering of 4,500,000 shares of its common stock. Adicet also intends to grant the underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock at the public offering price, less underwriting discounts and commissions. All of the shares in the proposed offering are to be sold by Adicet. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

BofA Securities, Jefferies and SVB Leerink are acting as joint book-running managers for the proposed offering. Wedbush PacGrow is acting as lead manager for the proposed 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 preliminary prospectus supplement relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to these securities may be obtained, when available, from:

• BofA Securities, NC1-004-03-43; 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com;
  
• Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 547-4340 or by email at Prospectus_Department@Jefferies.com; or
  
• SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525 ext. 6132 or by email at syndicate@svbleerink.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, 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 expectations regarding the completion, timing and size of the public offering, and its expectations with respect to granting the underwriters a 30-day option to purchase additional shares. 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 proposed 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 proposed 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, 2020 and our period reports on Form 10-Q and 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

Janhavi Mohite
Stern Investor Relations, Inc.
212-362-1200
janhavi.mohite@sternir.com

 

FAQ

What is the purpose of Adicet's public offering of shares?

The offering aims to raise capital for advancing Adicet's gamma delta T cell therapies for cancer treatment.

How many shares is Adicet offering in the public offering?

Adicet is offering 4,500,000 shares, with an option for underwriters to purchase an additional 675,000 shares.

Who are the book-running managers for Adicet's public offering?

BofA Securities, Jefferies, and SVB Leerink are acting as joint book-running managers.

What risks are associated with Adicet's public offering?

Risks include potential dilution for existing shareholders and uncertainty surrounding market conditions affecting the offering's completion.

When was the shelf registration statement for the public offering declared effective?

The shelf registration statement was declared effective on February 12, 2019.