PolyPid Ltd. Announces Pricing of Initial Public Offering

Rhea-AI Summary

PolyPid Ltd. (Nasdaq: PYPD) has announced the pricing of its initial public offering (IPO) of 3,750,000 ordinary shares at $16.00 each, aiming to raise gross proceeds of $60 million. The shares are expected to start trading on the Nasdaq Global Market on June 26, 2020, with the offering set to close on June 30, 2020, pending customary conditions. The underwriters have a 30-day option to purchase an additional 562,500 shares at the IPO price. This offering follows the effectiveness of the registration statement by the SEC on June 25, 2020.

Positive

• IPO priced at $16.00 per share, raising $60 million.
• Proceeds can potentially fund future development of PLEX technology.

Negative

• Potential shareholder dilution from the offering and additional shares.

PETAH TIKVA, Israel, June 26, 2020 /PRNewswire/ -- PolyPid Ltd. (Nasdaq: PYPD), a Phase 3 clinical-stage pharmaceutical company focused on developing targeted, locally administered and prolonged-release therapeutics using its proprietary PLEX technology, announced the pricing of its initial public offering of 3,750,000 ordinary shares at a price to the public of $16.00 per share, for gross proceeds of $60.0 million. All of the ordinary shares are being offered by PolyPid.

The shares are expected to begin trading on The Nasdaq Global Market under the symbol "PYPD" on June 26, 2020. The offering is expected to close on June 30, 2020, subject to customary closing conditions. In addition, PolyPid has granted the underwriters a 30-day option to purchase up to 562,500 additional ordinary shares at the initial public offering price less underwriting discounts and commissions.

Barclays and BMO Capital Markets acted as joint book-running managers. Raymond James acted as lead manager. National Securities Corporation, ODDO BHF and A.G.P/Alliance Global Partners acted as co-managers.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on June 25, 2020. The offering is being made only by means of a prospectus, copies of which may be obtained from Barclays Capital Inc. c/o Broadridge Financial Solutions by mail at 1155 Long Island Avenue, Edgewood, NY, 11717, by email at barclaysprospectus@broadridge.com , or by calling 888-603-5847 or BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, New York, New York 10036, telephone: 1-800-414-3627 or by emailing bmoprospectus@bmo.com .

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 such state or jurisdiction.

Company contacts:

PolyPid, Ltd. 

Dikla Czaczkes Akselbrad
EVP & CFO
Tel: +972-747195700

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SOURCE PolyPid Ltd.

FAQ

What is the date of PolyPid's IPO pricing?

PolyPid's IPO pricing was announced on June 26, 2020.

How many shares did PolyPid offer in its IPO?

PolyPid offered 3,750,000 ordinary shares in its IPO.

What are the expected gross proceeds from PolyPid's IPO?

The expected gross proceeds from PolyPid's IPO are $60 million.

What is the symbol under which PolyPid's shares will trade?

PolyPid's shares will trade under the symbol PYPD.

What is the offering price per share for PolyPid's IPO?

The offering price per share for PolyPid's IPO is $16.00.

When is the expected closing date for PolyPid's IPO?

The expected closing date for PolyPid's IPO is June 30, 2020.