Atreca, Inc. Announces Pricing of Underwritten Public Offering of Common Stock

Rhea-AI Summary

Atreca (Nasdaq: BCEL) announced the pricing of an underwritten public offering of 7,031,250 shares of Class A Common Stock and 781,250 shares of Class B Common Stock at $16.00 per share, aiming for gross proceeds of $125 million. A 30-day option for underwriters to purchase up to 1,171,875 additional Class A shares is included. The offering is expected to close by July 20, 2020, pending customary conditions. The offering's details were registered with the SEC, with a prospectus available through designated contacts.

Positive

• Gross proceeds expected to be $125 million.
• Underwriters have the option to purchase additional shares, potentially increasing capital.

Negative

• Dilution risk for existing shareholders due to the issuance of new shares.
• Market conditions may affect the completion of the offering.

SOUTH SAN FRANCISCO, Calif., July 16, 2020 (GLOBE NEWSWIRE) -- Atreca, Inc. (Nasdaq: BCEL), a biopharmaceutical company utilizing its differentiated platform to discover and develop novel antibody-based immunotherapeutics to treat a range of solid tumor types, today announced the pricing of its previously announced underwritten public offering of 7,031,250 shares of its Class A Common Stock and 781,250 shares of its Class B Common Stock (the “Shares”), each at a price to the public of $16.00 per share. Gross proceeds to Atreca from the offering are expected to be $125.0 million, before deducting underwriting discounts and commissions and estimated offering expenses.  In addition, Atreca has granted the underwriters a 30-day option to purchase up to 1,171,875 additional shares of its Class A Common Stock at the public offering price, less underwriting discounts and commissions.  The offering is expected to close on or about July 20, 2020, subject to the satisfaction of customary closing conditions. All of the shares are being offered by Atreca.

Cowen and Company, LLC, Evercore Group L.L.C. and Stifel, Nicolaus & Company, Incorporated are acting as joint book-running managers for the offering. Canaccord Genuity LLC is acting as lead manager for the offering. Roth Capital Partners, LLC and Brookline Capital Markets, a division of Arcadia Securities, LLC are acting as co-managers for the offering.

A shelf registration statement relating to the offered Shares was filed with the Securities and Exchange Commission (SEC) on July 2, 2020, and was declared effective on July 10, 2020. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and a final prospectus supplement and accompanying prospectus related to the offering will be filed with the SEC and will be available on the SEC’s website, located at www.sec.gov. The offering is being made only by means of a prospectus supplement and accompanying prospectus.  Copies of the final prospectus supplement and the accompanying prospectus related to the offering may be obtained, when available, from Cowen and Company, LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attention: Prospectus Department, by email at PostSaleManualRequests@broadridge.com or by telephone at (833) 297-2926; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, New York 10055, by email at ecm.prospectus@evercore.com, or by telephone at (888) 474-0200; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by telephone at 415-364-2720 or by email at syndprospectus@stifel.com.

This press release shall not constitute an offer to sell or a 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.

Cautionary Note on Forward-Looking Statements

This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding Atreca’s expectations regarding the completion and timing of the public offering. In some cases, you can identify these statements by forward-looking words such as “expect,” “will,” “may,” or the negative or plural of these words or similar expressions (as well as other words or expressions referencing future events, conditions or circumstances). These forward-looking statements are based on Atreca's expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. These risks and uncertainties include, without limitation, risks and uncertainties related to market conditions and the satisfaction of customary closing conditions related to the public offering. There can be no assurance that Atreca will be able to complete the public offering on the anticipated terms, or at all. Additional information concerning these and other risks can be found in Atreca’s periodic filings with the SEC, including under the heading "Risk Factors" contained therein, as well as the risks identified in the registration statement and the preliminary prospectus supplement relating to the offering. Any forward-looking statements that Atreca makes in this press release speak only as of the date of this press release. Except as required by law, Atreca assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

Atreca Contacts

Atreca, Inc.
Herb Cross
Chief Financial Officer
info@atreca.com

Investors:
Alex Gray, 650-779-9251
agray@atreca.com

Media:
Sheryl Seapy, 213-262-9390
sseapy@w2ogroup.com

FAQ

What is the share pricing for Atreca's recent public offering?

Atreca priced its public offering at $16.00 per share.

What are the total proceeds expected from Atreca's stock offering?

The offering is expected to generate gross proceeds of $125 million.

When is Atreca's public offering expected to close?

The offering is expected to close on or about July 20, 2020.

Is there an option for additional share purchases in Atreca's offering?

Yes, underwriters have a 30-day option to purchase up to 1,171,875 additional shares.

How does Atreca's offering affect existing shareholders?

The offering may dilute the ownership percentage of existing shareholders due to the issuance of new shares.