Shattuck Labs Announces $50 Million Public Offering of Common Stock and Concurrent Private Placement of Pre-Funded Warrants
22 December 2023 - 12:00AM
Shattuck Labs, Inc. (“Shattuck” or the “company”) (NASDAQ: STTK), a
clinical-stage biotechnology company pioneering the development of
bi-functional fusion proteins as a new class of biologic medicine
for the treatment of patients with cancer and autoimmune disease,
today announced the pricing of a registered offering of 4,651,163
shares of common stock, par value $0.0001 (the “common stock”), at
a price of $6.45 per share, which is priced at the closing price on
Nasdaq for the common stock on December 20, 2023. In addition to
the shares sold in the registered offering, Shattuck announced the
concurrent pricing of a private placement of pre-funded warrants to
purchase 3,100,823 shares of common stock at a purchase price of
$6.4499 per pre-funded warrant, which represents the per share
offering price for the common stock less the $0.0001 per share
exercise price for each pre-funded warrant. The gross proceeds to
Shattuck from the registered offering and private placement, before
deducting the underwriting discounts and commissions and estimated
offering expenses, are expected to be approximately $50 million.
The offering is expected to close on or about December 26, 2023,
subject to customary closing conditions.
Evercore ISI is acting as sole book-running
manager for the offering.
Shattuck intends to use the net proceeds from
the registered offering and the private placement for the
development of its pipeline candidates, including SL-172154, and
working capital and general corporate purposes.
A shelf registration statement on Form S-3 (File
No. 333-263553) relating to the registered offering was filed with
the Securities and Exchange Commission (“SEC”) on March 15, 2022
and declared effective on July 29, 2022. The registered offering is
being made only by means of a prospectus, including a prospectus
supplement, forming a part of an effective registration statement.
A final prospectus supplement and accompanying prospectus relating
to the offering shares will be filed with the SEC. Electronic
copies of the final prospectus supplement and accompanying
prospectus may be obtained, when available, on
the SEC’s website at http://www.sec.gov or by
contacting Evercore Group L.L.C., Attention: Equity Capital
Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055;
by telephone at (888) 474-0200, or by email at
ecm.prospectus@evercore.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the securities
referenced herein, nor shall there be any sale of such 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.
About Shattuck Labs,
Inc.Shattuck Labs, Inc. (NASDAQ: STTK) is a clinical-stage
biotechnology company pioneering the development of bi-functional
fusion proteins as a new class of biologic medicine for the
treatment of patients with cancer and autoimmune disease. Compounds
derived from Shattuck’s proprietary Agonist Redirected Checkpoint,
(“ARC®”), platform are designed to simultaneously inhibit
checkpoint molecules and activate costimulatory molecules with a
single therapeutic. The company’s lead SL-172154 (“SIRPα-Fc-CD40L”)
program, which is designed to block the CD47 immune checkpoint and
simultaneously agonize the CD40 pathway, is being evaluated in
multiple Phase 1 trials. Shattuck has offices in both Austin, Texas
and Durham, North Carolina.
Forward-Looking
StatementsCertain statements in this press release may
constitute “forward-looking statements” within the meaning of the
federal securities laws, including, but not limited to, Shattuck’s
expectations regarding the completion of the registered offering
and the private placement, the satisfaction of customary closing
conditions with respect to the registered offering and the private
placement and the anticipated use of proceeds. Words such as “may,”
“will,” “intend,” “would,” “expect,” “believe,” “design,”
“estimate,” “potential,” “develop,” “plan” or the negative of these
terms, and similar expressions, or statements regarding intent,
belief, or current expectations, are forward-looking statements.
While we believe these forward-looking statements are reasonable,
undue reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward-looking statements are based
upon current estimates and assumptions and are subject to various
risks and uncertainties (including, without limitation, those set
forth in our filings with the SEC), many of which are beyond our
control and subject to change. Actual results could be materially
different. Risks and uncertainties include: risks and uncertainties
related to market and other conditions and the satisfaction of
customary closing conditions related to the registered offering,
and the other risks described in Shattuck’s Annual Report on Form
10-K for the year ended December 31, 2022 and subsequent disclosure
documents filed with the SEC. We claim the protection of the Safe
Harbor contained in the Private Securities Litigation Reform Act of
1995 for forward-looking statements. We expressly disclaim any
obligation to update or alter any statements whether as a result of
new information, future events or otherwise, except as required by
law.
The company intends to use the investor
relations portion of its website as a means of disclosing material
non-public information and for complying with disclosure
obligations under Regulation FD.
Investor & Media Contact:
Conor RichardsonVice President of Investor RelationsShattuck Labs,
Inc.InvestorRelations@shattucklabs.com
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