Accelerate Diagnostics Announces Pricing of Public Offering of Common Stock

Rhea-AI Summary

Accelerate Diagnostics, Inc. (Nasdaq: AXDX) has announced a public offering of 17,500,000 shares of its common stock at $2.00 per share, aiming for gross proceeds of $35 million. The underwriting team includes William Blair & Company, Oppenheimer & Co., and Craig-Hallum Capital. A 30-day option for underwriters to purchase an additional 2,625,000 shares is also granted. The net proceeds are intended for general corporate purposes and commercialization efforts. The offering is set to close around August 23, 2022, pending customary conditions.

Positive

• Gross proceeds expected to be $35 million from the public offering.
• Net proceeds will support general corporate purposes and commercialization efforts.

Negative

• Potential share dilution from the offering.
• Market volatility affecting the completion of the offering.

TUCSON, Ariz., Aug. 18, 2022 /PRNewswire/ -- Accelerate Diagnostics, Inc. (Nasdaq: AXDX) ("Accelerate Diagnostics") today announced the pricing of an underwritten public offering of 17,500,000 shares of its common stock at a price to the public of $2.00 per share. The gross proceeds to Accelerate Diagnostics from the offering, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be $35.0 million. In addition, Accelerate Diagnostics has granted the underwriters a 30-day option to purchase up to an additional 2,625,000 shares of its common stock at the public offering price, less the underwriting discounts and commissions. Accelerate Diagnostics anticipates using the net proceeds from the offering for general corporate purposes and to fund commercialization efforts. All of the shares are being offered by Accelerate Diagnostics, and the offering is expected to close on or about August 23, 2022, subject to customary closing conditions.

William Blair & Company, L.L.C. is acting as lead book-running manager for the offering. Oppenheimer & Co. Inc. is acting as a book-running manager and Craig-Hallum Capital Group LLC is acting as co-manager for the offering.

A shelf registration statement relating to the shares was filed with the U.S. Securities and Exchange Commission (the "SEC") on January 27, 2021 and declared effective on February 4, 2021. A preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC. A copy of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained from William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, or by telephone at (800) 621-0687, or by email at prospectus@williamblair.com or by visiting the EDGAR database on the SEC's website at www.sec.gov.

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 Accelerate Diagnostics, Inc.

Accelerate Diagnostics, Inc. is an in vitro diagnostics company dedicated to providing solutions for the global challenges of antimicrobial resistance and sepsis. The Accelerate Pheno^® system and Accelerate Arc^™ system are designed to reduce the time clinicians must wait to determine the most optimal antibiotic therapy for bacteremic patients. These diagnostic systems are designed to serve clinical laboratories with automated solutions to expedite time to identification and antimicrobial susceptibility test results directly from positive blood culture samples.

The "ACCELERATE DIAGNOSTICS" and "ACCELERATE PHENO" and "ACCELERATE PHENOTEST" and "ACCELERATE ARC" and diamond shaped logos and marks are trademarks or registered trademarks of Accelerate Diagnostics, Inc.

Forward-Looking Statements

Certain of the statements made in this press release are forward looking, such as those, among others, relating to Accelerate Diagnostics' expectations regarding the anticipated closing date and its anticipated use of the net proceeds from the offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements and Accelerate Diagnostics cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Factors that may cause such a difference include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering. More information about the risks and uncertainties faced by Accelerate Diagnostics is contained in the section captioned "Risk Factors" in the preliminary prospectus supplement filed with the SEC and the documents incorporated by reference therein, which include Accelerate Diagnostics' Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Reports Form 10-Q for the periods ended March 31, 2022 and June 30, 2022. Except as required by law, Accelerate Diagnostics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE Accelerate Diagnostics, Inc.

FAQ

What is the size of the public offering by Accelerate Diagnostics (AXDX)?

Accelerate Diagnostics is offering 17,500,000 shares at $2.00 per share.

What are the intended uses of the proceeds from the AXDX public offering?

The proceeds will be used for general corporate purposes and to fund commercialization efforts.

When is the expected closing date for the AXDX public offering?

The offering is expected to close on or about August 23, 2022.

Who is managing the public offering for AXDX?

William Blair & Company is the lead book-running manager, with Oppenheimer & Co. and Craig-Hallum Capital as co-managers.