Liquidia Announces Closing of Public Offering of Common Stock

Rhea-AI Summary

Liquidia Technologies (NASDAQ: LQDA) has successfully closed a public offering of 9,375,000 shares at $8.00 each, generating total gross proceeds of $75 million. This offering follows a previously filed registration statement with the SEC. The underwriters have a 30-day option to purchase an additional 1,406,250 shares. Jefferies acted as the sole book-running manager with Needham & Company and Wedbush PacGrow as co-managers. The securities will not be offered where prohibited by state laws.

Positive

• Total gross proceeds of $75 million from the offering.
• Underwriters have a 30-day option to purchase additional shares.

Negative

• Potential dilution of existing shareholder equity due to the new share offering.

RESEARCH TRIANGLE PARK, N.C., July 02, 2020 (GLOBE NEWSWIRE) -- Liquidia Technologies, Inc. (NASDAQ: LQDA), a late-stage clinical biopharmaceutical company focused on the development and commercialization of novel products using its proprietary PRINT^® technology, announced the closing of its previously announced underwritten public offering of 9,375,000 shares of its common stock at a public offering price of $8.00, for total gross proceeds of $75 million, before deducting underwriting discounts and commissions and expenses payable by Liquidia. All of the shares in the offering were sold by Liquidia. In addition, Liquidia has granted the underwriters a 30-day option to purchase up to an additional 1,406,250 shares of common stock at the public offering price, less the underwriting discount and commissions.

Jefferies acted as the sole book-running manager for the offering. Needham & Company and Wedbush PacGrow acted as co-managers.

The shares of common stock described above were offered by Liquidia pursuant to its shelf registration statement on Form S-3, including a base prospectus, that was previously filed by Liquidia with the Securities and Exchange Commission (the “SEC”) on August 23, 2019 and declared effective by the SEC on September 10, 2019. The proposed offering was made only by means of a written prospectus and prospectus supplement that form part of the registration statement. A preliminary prospectus supplement and accompanying prospectus and a final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering were filed with the SEC and are available at the SEC’s website located at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-547-6340 or by email at Prospectus_Department@Jefferies.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.

Contact Information

Media:
Michael Parks
Corporate Communications
484.356.7105
michael.parks@liquidia.com

Investors:
Jason Adair
Vice President, Corporate Development and Strategy
919.328.4400
jason.adair@liquidia.com

FAQ

What are the details of Liquidia's public offering on July 2, 2020?

Liquidia Technologies closed a public offering of 9,375,000 shares at $8.00 each, raising $75 million in gross proceeds.

How many additional shares can underwriters purchase in the Liquidia offering?

Underwriters have a 30-day option to purchase up to 1,406,250 additional shares.

What was the purpose of Liquidia's stock offering?

The offering aims to raise funds for further development and commercialization of products using Liquidia's proprietary PRINT technology.

How might Liquidia's stock offering affect shareholders?

The offering could dilute existing shareholders' equity due to the issuance of new shares.