SQZ Biotech Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

SQZ Biotechnologies Company (NYSE: SQZ) announced a public offering of 3,000,000 shares of common stock, with a potential additional 450,000 shares available through a 30-day underwriter option. The offering is subject to market conditions and no assurance can be made regarding its completion or terms. BofA Securities, Evercore ISI, and Stifel are the joint book-running managers, with BTIG as the lead manager. A registration statement has been filed with the SEC but is not yet effective, and the offering will proceed only through a prospectus.

Positive

• Intended use of funds from the offering could facilitate business growth.
• Potential for additional 450,000 shares could enhance capital raised.

Negative

• Issuance of new shares may lead to shareholder dilution.
• Uncertainty in market conditions poses a risk to successful offering.

SQZ Biotechnologies Company (NYSE: SQZ) (“SQZ”), a cell therapy company developing novel treatments for multiple therapeutic areas, today announced that it has commenced an underwritten public offering of 3,000,000 shares of common stock. All of the shares of common stock are being offered by SQZ. In addition, SQZ expects to grant the underwriters a 30-day option to purchase up to an additional 450,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. 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 as to the actual size or terms of the offering.

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 has been filed with the Securities and Exchange Commission but has not yet become effective. This offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering can be obtained 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210209006210/en/

FAQ

What is SQZ Biotechnologies planning with its public offering?

SQZ Biotechnologies is planning to raise capital through a public offering of 3,000,000 shares of common stock.

How many shares can underwriters purchase in addition to the initial offering?

Underwriters may purchase up to an additional 450,000 shares of common stock within a 30-day option period.

Who are the joint book-running managers for the SQZ public offering?

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

What risks are associated with the SQZ public offering?

The offering is subject to market conditions, and there is uncertainty regarding its completion and terms.