Liquidia Announces Proposed Offering of Common Stock

Rhea-AI Summary

Liquidia Corporation (NASDAQ: LQDA) announced the commencement of an underwritten public offering of its common stock, with all shares sold by the company. The underwriters may purchase an additional 15% of the shares within 30 days at the offering price. The offering relies on a previously filed shelf registration statement and is subject to market conditions. BofA Securities is the sole book-running manager. The net proceeds will be used for corporate purposes, although specific details were not provided. Completion of the offering is uncertain.

Positive

• The public offering is designed to raise capital for corporate purposes, potentially enhancing liquidity.

Negative

• Offering of new shares may lead to shareholder dilution.
• Completion of the offering is uncertain, posing risks to investors.

MORRISVILLE, N.C., April 12, 2022 (GLOBE NEWSWIRE) -- Liquidia Corporation (NASDAQ: LQDA) (“Liquidia”) announced today that it has commenced an underwritten public offering of its common stock. All of the shares in the proposed offering will be sold by Liquidia. In addition, Liquidia expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering, at the public offering price, less underwriting discounts and commissions. 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.

BofA Securities is acting as the sole book-running manager for the proposed offering. Needham & Company and BTIG are acting as lead managers.

The shares of common stock described above are being 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 December 16, 2020, and declared effective by the SEC on December 23, 2020. The proposed offering will be 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 relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. When available, a copy of the preliminary prospectus relating to the proposed offering may be obtained from BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255, or via email: dg.prospectus_requests@bofa.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.

About Liquidia Corporation

Liquidia Corporation is a biopharmaceutical company focused on the development and commercialization of products in pulmonary hypertension and other applications of its PRINT^® Technology. The company operates through its two wholly owned subsidiaries, Liquidia Technologies, Inc. and Liquidia PAH, LLC. Liquidia Technologies has developed YUTREPIA™ (treprostinil) inhalation powder for the treatment of pulmonary arterial hypertension (PAH). Liquidia PAH provides the commercialization for rare disease pharmaceutical products, such as generic Treprostinil Injection.

Forward-Looking Statements

This press release contains forward-looking statements, including but not limited to, statements relating to Liquidia's expectations regarding the completion, timing and size of the proposed public offering and the intended use of net proceeds therefrom. These statements can be identified by the use of words such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “continues,” “estimates,” “predicts,” “projects,” “forecasts,” and similar expressions. All forward-looking statements are based on current expectations and beliefs as of the date of this release and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those discussed in, or implied by, the forward-looking statements, including, but not limited to, the risk that Liquidia may be unable to complete the proposed public offering on the anticipated terms or at all, and the other risks identified in Item 1A under the heading “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed on March 17, 2022. Except as required by law, Liquidia does not undertake any obligation to revise or update publicly any forward-looking statements to reflect events or circumstances after the date of this report, or to reflect the occurrence of unanticipated events or circumstances.

Contact Information

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

FAQ

What is Liquidia's recent stock offering about?

Liquidia has started an underwritten public offering of its common stock, aiming to raise funds for corporate purposes.

How much additional stock can underwriters purchase in Liquidia's offering?

The underwriters have a 30-day option to purchase up to an additional 15% of the shares offered.

Who is handling Liquidia's stock offering?

BofA Securities is the sole book-running manager for the offering.

What are the potential risks associated with Liquidia's stock offering?

The offering could lead to shareholder dilution and completion remains uncertain, posing risks to investors.