Nkarta Announces Pricing of Initial Public Offering

Rhea-AI Summary

Nkarta, Inc. (Nasdaq: NKTX) has priced its initial public offering at $18.00 per share, offering 14,000,000 shares and expecting gross proceeds of approximately $252.0 million. The shares began trading on the Nasdaq Global Select Market on July 10, 2020, with the offering anticipated to close on July 14, 2020. A 30-day option is available for underwriters to purchase an additional 2,100,000 shares at the offering price. The offering is managed by Cowen, Evercore ISI, Stifel, and Mizuho Securities.

Positive

• Initial public offering priced at $18.00 per share, indicating strong market interest.
• Expected gross proceeds of approximately $252.0 million will support Nkarta's cancer therapies.

Negative

• Shareholder dilution risk from additional share options for underwriters.

SOUTH SAN FRANCISCO, July 10, 2020 (GLOBE NEWSWIRE) -- Nkarta, Inc. (Nasdaq: NKTX), a clinical-stage biopharmaceutical company developing engineered natural killer (NK) cell therapies to treat cancer, today announced the pricing of its initial public offering of 14,000,000 shares of common stock at a public offering price of $18.00 per share. Nkarta anticipates total gross proceeds of approximately $252.0 million, before deducting underwriting discounts and commissions and other offering expenses. The shares are expected to begin trading on The Nasdaq Global Select Market on July 10, 2020 under the ticker symbol "NKTX." All shares of common stock are being offered by Nkarta. The offering is expected to close on or about July 14, 2020, subject to customary closing conditions. In addition, Nkarta has granted the underwriters a 30-day option to purchase up to an additional 2,100,000 shares of common stock at the initial public offering price.

Cowen, Evercore ISI, Stifel and Mizuho Securities are acting as joint book-running managers for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission and became effective on July 9, 2020. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering, when available, may be obtained from Cowen and Company, LLC, Attn: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: 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 telephone at 888-474-0200, or by email at ecm.prospectus@evercore.com; Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104 or by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com; Mizuho Securities USA LLC, Attention: Equity Capital Markets, 1271 Avenue of the Americas, 3rd Floor, New York, NY 10020, or by email at US-ECM@us.mizuho-sc.com, or by telephone at (212) 205-7600.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 Nkarta
Nkarta, Inc. focuses on combining its natural killer (NK) cell expansion and cryopreservation platform with proprietary cell engineering technologies to generate an abundant supply of NK cells, engineer enhanced NK cell recognition of tumor targets, and improve persistence for sustained activity in the body for the treatment of cancer. Nkarta’s mission is to discover, develop and deliver novel off-the-shelf NK cell therapy product candidates that have a profound impact on patients. For more information, please visit the company’s website at www.nkartatx.com.

Contact:
Greg Mann
Nkarta, Inc.
gmann@nkartatx.com

 

FAQ

What is the stock symbol for Nkarta, Inc.?

The stock symbol for Nkarta, Inc. is NKTX.

How many shares did Nkarta, Inc. offer in their IPO?

Nkarta, Inc. offered 14,000,000 shares in their initial public offering.

What were the expected gross proceeds from Nkarta's IPO?

The expected gross proceeds from Nkarta's IPO are approximately $252.0 million.

When did Nkarta's shares begin trading on the Nasdaq?

Nkarta's shares began trading on the Nasdaq on July 10, 2020.

What is the purpose of Nkarta's IPO?

The purpose of Nkarta's IPO is to raise funds to support the development of their NK cell therapies for cancer.