Cryoport Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Cryoport, Inc. (Nasdaq: CYRX) announced its intention to offer $200 million in common stock through an underwritten public offering, subject to market conditions. The company may grant underwriters a 30-day option for an additional 15% of shares offered. Proceeds will support general corporate purposes, including working capital and infrastructure development. The offering is supported by a previously filed automatic shelf registration with the SEC. Leading investment banks such as Morgan Stanley and Jefferies are managing the offering.

Positive

• Intended use of funds includes working capital, inventory development, and infrastructure buildout.
• Public offering could enhance liquidity and support growth initiatives.

Negative

• Potential dilution of existing shareholders due to the issuance of new shares.

NASHVILLE, Tenn., Jan. 19, 2021 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX) ("Cryoport" or the "Company"), a global leader in temperature-controlled supply chain solutions for the life sciences industry, today announced that it intends to offer $200 million of shares of common stock in an underwritten public offering. 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. Cryoport also expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering at the public offering price. All of the shares in the offering are to be sold by Cryoport.

The Company expects to use the net proceeds from the offering of the shares for general corporate purposes, which may include working capital, inventory development, global infrastructure buildout and facilities expansion, sales and marketing.

Morgan Stanley, Jefferies, SVB Leerink, and UBS Investment Bank are acting as joint book-running managers for the offering.

The public offering will be made pursuant to an automatic shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the "SEC") and automatically became effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC and are available on the SEC's website located at http://www.sec.gov or may be obtained from Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; Jefferies, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com; SVB Leerink, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525, ext. 6132 or by email at syndicate@svbleerink.com; or UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275 or by email at ol-prospectus-request@ubs.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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 Cryoport, Inc.

Cryoport, Inc. (Nasdaq: CYRX) is redefining temperature-controlled supply chain support for the life sciences industry by continually broadening its platform of solutions, serving the Biopharma, Reproductive Medicine, and Animal Health markets. Through its family of companies, Cryoport Systems, MVE Biological Solutions, CRYOPDP and CRYOGENE, Cryoport provides strategic solutions that will support the growing needs of these markets.

Forward-Looking Statements

Statements in this press release which are not purely historical, including statements regarding the Company's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, such as: the Company's expectations regarding the timing, size and completion of the public offering, its expectations with respect to granting the underwriters a 30-day option to purchase additional shares and the anticipated use of net proceeds from the offering, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that the Company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of changing economic conditions, trends in the products markets, variations in the Company's cash flow, market acceptance risks, and technical development risks. The Company's business could be affected by a number of other factors, including the risk factors discussed in the preliminary prospectus supplement relating to the offering and the documents incorporated by reference therein, which include the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC. The forward-looking statements contained in this press release speak only as of the date hereof and the Company cautions investors not to place undue reliance on these forward-looking statements. Except as required by law, the Company disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.

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SOURCE Cryoport, Inc.

FAQ

What is the size of Cryoport's public offering announced on January 19, 2021?

Cryoport announced a public offering of $200 million in common stock.

How will Cryoport use the proceeds from the public offering?

The proceeds are expected to be used for general corporate purposes, including working capital, inventory development, and infrastructure expansion.

Who are the underwriters for Cryoport's stock offering?

Morgan Stanley, Jefferies, SVB Leerink, and UBS Investment Bank are acting as joint book-running managers for the offering.

Is there an option for underwriters to purchase additional shares in Cryoport's offering?

Yes, Cryoport expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares offered.

When was the press release regarding Cryoport's public offering issued?

The press release was issued on January 19, 2021.