SQZ Biotech Announces Pricing of Initial Public Offering

Rhea-AI Summary

SQZ Biotechnologies Company (NYSE: SQZ) has priced its initial public offering (IPO) at $16.00 per share, offering 4,411,765 shares. The underwriters have a 30-day option to purchase an additional 661,764 shares. Trading is expected to commence on October 30, 2020, with the offering closing on November 3, 2020, pending customary conditions. BofA Securities, Evercore ISI, and Stifel are the joint book-running managers for this offering. The Securities and Exchange Commission declared the registration effective on October 29, 2020.

Positive

• Initial public offering priced at $16.00 per share, indicating strong market interest.
• Potential for additional capital with the underwriters' option to purchase more shares.

Negative

• Dilution risk for existing shareholders due to the new shares being introduced in the market.

WATERTOWN, Mass.--(BUSINESS WIRE)--SQZ Biotechnologies Company (NYSE: SQZ) (“SQZ”) today announced the pricing of its initial public offering of 4,411,765 shares of common stock at a public offering price of $16.00 per share. All of the shares of common stock are being offered by SQZ. In addition, SQZ has granted the underwriters a 30-day option to purchase up to an additional 661,764 shares of its common stock at the initial public offering price, less the underwriting discounts and commissions, to cover over-allotments, if any. SQZ’s common stock is expected to begin trading on the New York Stock Exchange on October 30, 2020 under the ticker symbol “SQZ.” The offering is expected to close on November 3, 2020, subject to customary closing conditions.

BofA Securities, Evercore ISI and Stifel are acting as joint book-running managers for the offering. BTIG is acting as lead manager for the offering.

A registration statement relating to the securities being sold in the offering was declared effective by the Securities and Exchange Commission on October 29, 2020. This offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained, when available, by contacting: BofA Securities, NC1-004-03-43, 200 North College Street, 3^rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, or by telephone at (888) 474 0200, or by email at ecm.prospectus@evercore.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at 415-364-2720 or by email at syndprospectus@stifel.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 the registration or qualification under the securities laws of such state or jurisdiction.