IPA Announces Pricing of $1.1 Million Public Offering of Common Shares
06 December 2023 - 11:00PM
Business Wire
ImmunoPrecise Antibodies Ltd. (NASDAQ: IPA) (“ImmunoPrecise” or
“IPA” or the “Company”) today announced that it has priced its
underwritten public offering of 1,100,000 common shares at a public
offering price of $1.00 per share. All common shares in the
underwritten public offering are to be sold by the Company. The
Company expects the aggregate gross proceeds from this offering, to
be approximately $1.1 million, before deducting the underwriting
discount and other estimated offering expenses. The Company has
granted the underwriters a 30-day option to purchase up to 165,000
additional common shares. The Company expects to close the offering
on December 8, 2023, subject to customary conditions.
The Company intends to use the net proceeds from the proposed
offering for research and development; capital expenditures,
including expansion of existing laboratory facilities; and working
capital and general corporate purposes.
The Benchmark Company is acting as the sole Book-Running Manager
and. R.F. Lafferty, Inc. is acting as Co-Manager for the
offering.
The securities will be offered and sold pursuant to a shelf
Registration Statement on Form F-3 (File No. 333-273197) that was
declared effective by the United States Securities and Exchange
Commission (the “SEC”) on July 14, 2023. A preliminary prospectus
supplement and accompanying prospectus describing the terms of the
offering has been filed with the SEC on its website at www.sec.gov. A final prospectus supplement and
accompanying prospectus describing the terms of the offering will
be filed with the SEC and will be available on its website at
www.sec.gov. Copies of the final
prospectus supplement and the accompanying prospectus relating to
the offering may also be obtained by contacting The Benchmark
Company, LLC, 150 East 58th St., 17th Floor, New York, NY 10155, by
telephone at 212-312-6700 or by email at
prospectus@benchmarkcompany.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in Canada or any other 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.
About ImmunoPrecise Antibodies Ltd
ImmunoPrecise Antibodies Ltd. has several subsidiaries in North
America and Europe including entities such as Talem Therapeutics
LLC, BioStrand BV, ImmunoPrecise Antibodies (Canada) Ltd., and
ImmunoPrecise Antibodies (Europe) B.V. (collectively, the “IPA
Family”). The IPA Family is a biotherapeutic research and
technology group that leverages systems biology, multi-omics
modeling, and complex artificial intelligence systems to support
its proprietary technologies in bioplatform-based antibody
discovery. Services include highly specialized, full-continuum
therapeutic biologics discovery, development, and out-licensing to
support its business partners in their quest to discover and
develop novel biologics against the most challenging targets.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of applicable United States securities laws and
Canadian securities laws. Forward-looking statements are often
identified by the use of words such as “expects” “estimates”,
“intends”, “anticipates” or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“would”, “might” or “will” be taken, occur or be achieved.
Forward–looking statements include statements related to the
proposed offering, including the closing date of the offering; and
the expected use of proceeds from the offering. Although the
Company believes that we have a reasonable basis for each
forward-looking statement, we caution you that these statements are
based on a combination of facts and factors currently known by us
and our expectations of the future, about which we cannot be
certain. Our actual future results may be materially different from
what we expect due to factors largely outside our control,
including risks and uncertainties related to market and other
conditions, the satisfaction of customary closing conditions
related to the proposed public offering including the actual size
or terms of the offering, the impact of general economic, industry
or political conditions in the United States, Canada or
internationally and those described under the heading “Risk
Factors” in the prospectus supplement related to the offering. You
should also consult our quarterly and annual filings with the
Canadian and U.S. securities commissions for additional information
on risks and uncertainties. These forward–looking statements speak
only as of the date of this press release and the Company
undertakes no obligation to revise or update any forward–looking
statements for any reason, even if new information becomes
available in the future.
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Investors: investors@ipatherapeutics.com
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