Quotient Limited Announces Closing of Underwritten Offering of Ordinary Shares and Pre-Funded Warrants

Rhea-AI Summary

Quotient Limited (Nasdaq: QTNT) announced the closing of an underwritten public offering totaling 32,458,336 ordinary shares and pre-funded warrants for gross proceeds of approximately $20.0 million. The net proceeds amount to about $18.5 million after deducting related expenses. The funds will be used for the ongoing development and commercialization of the MosaiQ microarray platform, alongside working capital and general corporate purposes. Jefferies LLC and Cowen and Company, LLC served as joint book-running managers for the offering.

Positive

• Net proceeds of approximately $18.5 million to fund ongoing development of MosaiQ.
• Funding may enhance operational capabilities and market competitiveness.

Negative

• Issuance of new shares can lead to shareholder dilution.

JERSEY, Channel Islands, June 29, 2022 (GLOBE NEWSWIRE) -- Quotient Limited (Nasdaq: QTNT) (the "Company"), a commercial-stage diagnostics company, announced the closing of its previously announced underwritten public offering of 32,458,336 ordinary shares and pre-funded warrants to purchase 34,208,331 ordinary share for aggregate gross proceeds of approximately $20.0 million. The net proceeds to the Company from this offering were approximately $18.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company.

The Company intends to use the net proceeds of the offering to fund the ongoing development and commercialization of its MosaiQ microarray menu and for working capital, operating expenses and other general corporate purposes.

Jefferies LLC and Cowen and Company, LLC acted as joint book-running managers for the offering.

The securities in the public offering described above were offered pursuant to the Company's shelf registration statement on Form S-3, as amended by Amendment No. 1, filed with the Securities and Exchange Commission (SEC) on August 21, 2020, and on September 2, 2020, respectively, and declared effective by the SEC on September 4, 2020. A final prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC and is available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 18th Floor, New York, New York, 10022, or by telephone at (877) 821-7388 or by email at prospectus_department@jefferies.com; Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by telephone at (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.

About Quotient Limited

Building on over 30 years of experience in transfusion diagnostics, Quotient is a commercial-stage diagnostics company committed to delivering solutions that reshape the way diagnostics is practiced. The MosaiQ solution, Quotient’s proprietary multiplex microarray technology, offers the world’s first fully automated, consolidated testing platform, allowing for multiple tests across different modalities. The MosaiQ solution is designed to be a game-changing solution, which Quotient believes will increase efficiencies, improve clinical practice, and deliver significant workflow improvements and operational cost savings to laboratories around the world. Quotient’s operations are based in Switzerland, Scotland, US, and the UAE.

The Quotient logo, Quotient MosaiQ and MosaiQ are registered trademarks or trademarks of Quotient Limited and its subsidiaries in various jurisdictions. 

CONTACT: Investor Relations, ir@quotientbd.com; +41 22 545 52 26 

FAQ

What was the total gross proceeds from Quotient Limited's public offering?

Quotient Limited's public offering generated total gross proceeds of approximately $20.0 million.

How much will Quotient Limited net from the offering after expenses?

The net proceeds to Quotient Limited from the offering are approximately $18.5 million.

What will Quotient Limited use the proceeds from the offering for?

Quotient Limited intends to use the proceeds for the development and commercialization of its MosaiQ microarray menu and for working capital.

Who managed Quotient Limited's public offering?

Jefferies LLC and Cowen and Company, LLC acted as joint book-running managers for the offering.

What are the risks associated with Quotient Limited's public offering?

One risk includes potential shareholder dilution due to the issuance of new shares.