IPA Announces Closing of $1.265 Million Public Offering of Common Shares
09 December 2023 - 9:00AM
Business Wire
ImmunoPrecise Antibodies Ltd. (NASDAQ: IPA) (“ImmunoPrecise” or
“IPA” or the “Company”), today announced the closing of its $1.265
million underwritten public offering of 1,265,000 common shares,
including 165,000 common shares issued pursuant to the full
exercise by the underwriter of its over-allotment option. The
public offering price for each common share, before the
underwriter’s discount and commissions, was $1.00. All of the
securities in the underwritten public offering were sold by the
Company.
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 acted as the sole Book-Running Manager and
R.F. Lafferty acted as Co-Manager for the offering.
Dorsey & Whitney LLP and Norton Rose Fulbright Canada LLP
served as US and Canadian legal counsel, respectively, to the
Company. Sheppard, Mullin, Richter & Hampton LLP served as
legal counsel to The Benchmark Company, LLC.
The securities were 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 copy of the final
prospectus supplement and accompanying prospectus describing the
terms of the offering has been filed with the SEC and are 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
offering, including 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 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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