Rani Therapeutics Announces Proposed Public Offering of Class A Common Stock

Rhea-AI Summary

Rani Therapeutics Holdings has announced its intention to conduct an underwritten public offering of Class A common stock. The offering may include a 30-day option for underwriters to purchase up to 15% more shares. This action is contingent on market conditions and could affect the stock's performance. BofA Securities, Cantor, and UBS Investment Bank are leading the offering, which is being facilitated under a shelf registration statement effective as of August 10, 2022. The company emphasizes that no securities will be sold in jurisdictions where the offering would be unlawful.

Positive

• The intended public offering may provide Rani Therapeutics with additional capital for business development and growth.
• The involvement of reputable underwriters such as BofA Securities and UBS Investment Bank could enhance investor confidence.

Negative

• The offering could lead to shareholder dilution if additional shares are issued.
• Market conditions may affect the completion of the offering or the price at which shares are sold.

SAN JOSE, Calif., Aug. 10, 2022 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (“Rani Therapeutics”) (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on the oral delivery of biologics, today announced that it intends to offer and sell shares of its Class A common stock in an underwritten public offering (the “Offering”). Rani Therapeutics expects to grant the underwriters a 30-day option to purchase additional shares up to 15% of the aggregate number of shares offered in the Offering.   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 the actual size or terms of the Offering.

BofA Securities, Cantor and UBS Investment Bank are acting as book-running managers for the Offering. BTIG and H.C. Wainwright & Co. are acting as lead managers for the Offering.

The Class A common stock is being offered by Rani Therapeutics pursuant to a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”), which was declared effective by the SEC on August 10, 2022. A preliminary prospectus supplement relating to the Offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the preliminary and final prospectus supplements relating to the Offering may be obtained, when available, by contacting BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities 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.

Investor Contact:

investors@ranitherapeutics.com

Media Contact:

media@ranitherapeutics.com

FAQ

What is the purpose of Rani Therapeutics' public offering?

The offering aims to raise capital for further business development and operational growth.

Who are the underwriters for the Rani Therapeutics offering?

BofA Securities, Cantor, and UBS Investment Bank are the book-running managers for the offering.

What is the impact of the Rani Therapeutics stock offering on shareholders?

The offering could result in shareholder dilution if new shares are issued.

How much additional stock can underwriters purchase in the offering?

Underwriters have a 30-day option to purchase up to 15% more shares offered in the public offering.

When was the shelf registration for Rani Therapeutics effective?

The shelf registration statement was declared effective by the SEC on August 10, 2022.