NanoString Technologies Announces Commencement of Public Offering of Common Stock

Rhea-AI Summary

NanoString Technologies (NASDAQ:NSTG) announced plans for an underwritten public offering of $150 million in common stock, with a 30-day option for underwriters to purchase an additional $22.5 million. The proceeds will be utilized for working capital and general corporate purposes. Joint book-running managers include J.P. Morgan, UBS Investment Bank, and Cowen. This offering is part of a shelf registration statement effective since March 18, 2019. A preliminary prospectus will be filed with the SEC and available on their website.

Positive

• Intended use of $150 million proceeds for working capital, enhancing operational flexibility.

Negative

• Potential dilution of shares due to the offering, which may impact existing shareholders' equity.

SEATTLE--(BUSINESS WIRE)--NanoString Technologies, Inc. (NASDAQ:NSTG), a leading provider of life science tools for discovery and translational research, today announced that it intends to offer and sell, subject to market and other conditions, $150.0 million of shares of its common stock in an underwritten public offering pursuant to NanoString’s shelf registration statement. In connection with this offering, NanoString expects to grant the underwriters a 30-day option to purchase up to $22.5 million of additional shares of its common stock. NanoString intends to use the net proceeds of the offering for working capital and general corporate purposes.

J.P. Morgan, UBS Investment Bank and Cowen are acting as joint book-running managers for the offering.

A shelf registration statement on Form S-3 relating to the common stock offered in the public offering described above was filed with the Securities and Exchange Commission (SEC) on March 18, 2019 and automatically became effective upon filing. The offering will be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus, when available, may also be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by phone at 1-212-834-4533, or by email at prospectus-eq_fi@jpmchase.com; from UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by phone at 1-888-827-7275 or by email at ol-prospectus-request@ubs.com; or from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, by phone at 1-833-297-2926 or by email at PostSaleManualRequests@broadridge.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.