MiNK Therapeutics, Inc. Announces Pricing of Initial Public Offering

Rhea-AI Summary

MiNK Therapeutics, a clinical stage biotechnology firm, announced its initial public offering (IPO) of 3,333,334 shares at $12.00 each, aiming for gross proceeds of approximately $40 million. Trading is set to begin on Nasdaq under the ticker symbol INKT on October 15, 2021, with the offering closing around October 19, 2021. The underwriters are granted an option to buy an additional 500,000 shares. The IPO proceeds will support the development of allogeneic iNKT therapies for cancer and immune-mediated diseases.

Positive

• Gross proceeds from the IPO are projected to be approximately $40 million.
• The offering supports the advancement of iNKT cell therapies for cancer treatment.

Negative

• Potential shareholder dilution from the additional shares offered.
• Market conditions may affect the IPO's completion and terms.

NEW YORK, Oct. 14, 2021 (GLOBE NEWSWIRE) -- MiNK Therapeutics, Inc. (“MiNK”), a clinical stage biotechnology company pioneering the discovery, development, and commercialization of allogeneic, off-the-shelf, invariant natural killer T (iNKT) cell therapies to treat cancer and other immune-mediated diseases, today announced the pricing of its initial public offering of 3,333,334 shares of common stock at a public offering price of $12.00 per share. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by MiNK, are expected to be approximately $40 million. The shares are expected to begin trading on the Nasdaq Global Market on October 15, 2021 under the ticker symbol “INKT.” The offering is expected to close on or about October 19, 2021, subject to the satisfaction of customary closing conditions. In addition, MiNK has granted the underwriters a 30-day option to purchase up to an additional 500,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. All of the shares are being offered by MiNK.

Evercore ISI and William Blair are acting as joint book-running managers for the offering. B. Riley and Baird are acting as co-managers for the offering.

A registration statement relating to the offering of these securities has been filed with the U.S. Securities and Exchange Commission and became effective on October 14, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained from Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, or by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com and William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois 60606, or by telephone at (800) 621-0687, or by email at prospectus@williamblair.com. Copies of the final prospectus, when available, related to the offering will be available 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 MiNK Therapeutics

MiNK Therapeutics is a clinical stage biopharmaceutical company pioneering the discovery, development, and commercialization of allogeneic invariant natural killer T (iNKT) cell therapies to treat cancer and other immune-mediated diseases. MiNK is advancing a pipeline of both native and next-generation engineered iNKT programs, with a platform designed to facilitate scalable and reproducible manufacturing for off-the-shelf delivery. The company is headquartered in New York, NY.

Forward-Looking Statements

This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about the completion, timing and size of the initial public offering and the commencement of trading on the Nasdaq Global Market. Each forward-looking statement is subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the initial public offering discussed above will be completed on the terms described or at all. Completion of the initial public offering and the terms thereof are subject to numerous factors, many of which are beyond the control of MiNK, including, without limitation, market conditions, failure of customary closing conditions and other factors discussed in the “Risk Factors” section of the preliminary prospectus that forms a part of the effective registration statement filed with the SEC. Any forward-looking statements contained in this press release are based on the current expectations of MiNK’s management team and speak only as of the date hereof and MiNK specifically disclaims any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law.

Contact

MiNK Therapeutics
Kimberly Ha
KKH Advisors
917-291-5744
kimberly.ha@kkhadvisors.com

 

FAQ

What is the initial public offering price for MiNK Therapeutics?

The initial public offering price for MiNK Therapeutics is $12.00 per share.

When will MiNK Therapeutics start trading on Nasdaq?

MiNK Therapeutics will start trading on Nasdaq under the ticker symbol INKT on October 15, 2021.

How much does MiNK Therapeutics aim to raise through its IPO?

MiNK Therapeutics aims to raise approximately $40 million through its IPO.

What is the purpose of MiNK Therapeutics' IPO?

The IPO proceeds will be used to support the development of allogeneic iNKT cell therapies for cancer and immune-mediated diseases.

Does MiNK Therapeutics offer additional shares in the IPO?

Yes, MiNK Therapeutics has granted underwriters an option to purchase up to an additional 500,000 shares at the initial public offering price.