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Accelerate Diagnostics, Inc. (NASDAQ:AXDX) (the "Company") today announced the pricing of an underwritten public offering consisting of 6,860,659 units, each consisting of one share of common stock and one warrant to purchase one share of common stock, and for certain investors in lieu thereof, pre-funded units, each consisting of one pre-funded warrant to purchase one share of common stock and one warrant to purchase one share of common stock. The public offering price for each unit is $1.50 and the public offering price for each pre-funded unit is $1.49. The Company granted the underwriters a 30-day option to purchase up to an additional 1,029,098 shares of common stock and/or additional warrants to purchase up to 1,029,098 shares of common stock, in any combination thereof, at the public offering price, less underwriting discounts and commissions.
The warrants will have an exercise price of $1.65 per share, will be immediately exercisable and will remain exercisable until the date that is five years after their original issuance. The pre-funded warrants will have an exercise price of $0.01 per share, will be immediately exercisable and will remain exercisable until exercised in full. The gross proceeds from the public offering, before deducting underwriting discounts and commissions and other public offering expenses payable by the Company, are expected to be $10.3 million (excluding any proceeds that may be received upon the exercise of the warrants or the pre-funded warrants). The public offering is expected to close on or about January 23, 2024, subject to the satisfaction of customary closing conditions.
Concurrently with the completion of the public offering, the Company will sell, subject to certain closing conditions, to the Jack W. Schuler Living Trust ((the largest shareholder of the Company and an entity affiliated with Jack W. Schuler, a director of the Company, the "Trust") in a private placement, 1,156,069 units at a purchase price of $1.73 per unit. In addition, the Trust has agreed to purchase an additional 1,560,693 units at a purchase price of $1.73 per unit on or before May 20, 2024. The gross proceeds from the private placement, before deducting private placement expenses payable by the Company, are expected to be $4.7 million (excluding any proceeds that may be received upon the exercise of the warrants).
William Blair & Company, L.L.C. is acting as the sole book-running manager and Craig-Hallum Capital Group LLC is acting as co-manager.
A registration statement on Form S-1 (File No. 333-276031) relating to the public offering was declared effective by the Securities and Exchange Commission (the "SEC") on January 19, 2024. The public offering is being made only by means of a prospectus. Copies of the final prospectus relating to the public offering, may be obtained, when available, from: William Blair & Company, L.L.C. at 150 North Riverside Plaza, Chicago, Illinois 60606, Attention: Prospectus Department, by telephone at (800) 621-0687, or by email at prospectus@williamblair.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 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.
Posted In: AXDX
