Vigil Neuroscience Announces Closing of Initial Public Offering

Rhea-AI Summary

Vigil Neuroscience has successfully closed its initial public offering on January 11, 2022, of 7,000,000 shares priced at $14.00 each, yielding gross proceeds of $98 million. Additionally, underwriters received a 30-day option for up to 1,050,000 more shares at the same price. The shares began trading on the Nasdaq under the symbol VIGL on January 7, 2022. The offering's joint book-running managers include Morgan Stanley, Jefferies, Stifel, and Guggenheim Securities.

Positive

• Raised $98 million from the IPO, enhancing cash reserves for development.
• Market entry with stock trading on Nasdaq under symbol VIGL can increase visibility and credibility.

Negative

• Shareholder dilution potential from the underwriters' option to purchase additional shares.

CAMBRIDGE, Mass., Jan. 11, 2022 (GLOBE NEWSWIRE) -- Vigil Neuroscience, Inc. (Nasdaq: VIGL), a clinical-stage biotechnology company committed to harnessing the power of microglia for the treatment of neurodegenerative diseases, today announced the closing of its initial public offering of 7,000,000 shares of its common stock at a price to the public of $14.00 per share. The gross proceeds of the offering were $98 million, before deducting underwriting discounts and commissions and other offering expenses. In addition, Vigil Neuroscience has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares of its common stock at the initial public offering price less underwriting discounts and commissions. The shares began trading on the Nasdaq Global Select Market on January 7, 2022 under the symbol “VIGL.” All shares in the offering were offered by Vigil Neuroscience.

Morgan Stanley, Jefferies, Stifel and Guggenheim Securities are acting as joint book-running managers for the offering.

A registration statement relating to these securities has been filed and was declared effective by the Securities and Exchange Commission on January 6, 2022. The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014 or by e-mail to prospectus@morganstanley.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, by telephone at 877-821-7388 or by email at Prospectus_Department@Jefferies.com; 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; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017, or by telephone at (212) 518-9544 or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that state or jurisdiction.

About Vigil Neuroscience

Vigil Neuroscience is a microglia-focused therapeutics company focused on developing treatments for both rare and common neurodegenerative diseases by restoring the vigilance of microglia, the sentinel immune cells of the brain. We are utilizing the tools of modern neuroscience drug development across multiple therapeutic modalities in our efforts to develop precision-based therapies to improve the lives of patients and their families.

FAQ

What was the share price of Vigil Neuroscience's IPO?

The share price for Vigil Neuroscience's IPO was $14.00.

How much money did Vigil Neuroscience raise from its IPO?

Vigil Neuroscience raised gross proceeds of $98 million from its IPO.

What trading symbol does Vigil Neuroscience use on Nasdaq?

Vigil Neuroscience trades on Nasdaq under the symbol VIGL.

Who were the underwriters for Vigil Neuroscience's IPO?

The underwriters for Vigil Neuroscience's IPO included Morgan Stanley, Jefferies, Stifel, and Guggenheim Securities.

When did Vigil Neuroscience's shares start trading?

Vigil Neuroscience's shares began trading on Nasdaq on January 7, 2022.