Rapid Micro Biosystems Announces Exercise and Closing of Over-Allotment Option in Initial Public Offering

Rhea-AI Summary

Rapid Micro Biosystems, Inc. (Nasdaq: RPID) announced the exercise of an over-allotment option from its initial public offering, resulting in the sale of 1,086,604 additional shares at $20.00 each, generating gross proceeds of $21.7 million. This transaction closed on August 4, 2021. The offering was managed by J.P. Morgan, Morgan Stanley, Cowen, and Stifel. The registration statement for this offering became effective on July 14, 2021, and details can be accessed through the designated underwriters.

Positive

• Generated an additional $21.7 million from over-allotment of shares.

Negative

• Dilution of existing shareholders due to new shares being issued.

LOWELL, Mass., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Rapid Micro Biosystems, Inc. (Nasdaq: RPID) (“Rapid Micro”), an innovative life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products, today announced that the underwriters of its previously announced initial public offering of Class A common stock have exercised their option to purchase additional shares in part for 1,086,604 shares at the public offering price of $20.00 per share less underwriting discounts and commissions, for additional gross proceeds to Rapid Micro of $21.7 million. The exercise of the over-allotment option closed on August 4, 2021.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Cowen and Company, LLC and Stifel, Nicolaus & Company, Incorporated are acting as joint book-running managers of the offering.

A registration statement on Form S-1 (File No. 333-257431) relating to the offering has been filed with the Securities and Exchange Commission and became effective on July 14, 2021. The offering will be made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (866) 803-9204 or email at prospectus-eq_fi@jpmchase.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY, 11717, by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, telephone: (415) 364-2720 or email at syndprospectus@stifel.com.

This press release does 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 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.

Contacts

Media:
media@rapidmicrobio.com

Investors:
investors@rapidmicrobio.com

FAQ

What was the purpose of Rapid Micro Biosystems' recent share offering?

The recent share offering aimed to raise additional funds for corporate initiatives and expansion.

How much money did Rapid Micro raise from the over-allotment option?

Rapid Micro raised an additional $21.7 million from the over-allotment of 1,086,604 shares.

What is the stock symbol for Rapid Micro Biosystems?

The stock symbol for Rapid Micro Biosystems is RPID.

When did the over-allotment option for Rapid Micro's IPO close?

The over-allotment option closed on August 4, 2021.