Cryoport (CYRX) Prices 3.75M Share Common Offering at $17/Sh
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Cryoport, Inc. (NASDAQ: CYRX) today announced the pricing of its underwritten public offering of an aggregate of 3,750,000 newly issued shares of common stock at a price of $17.00 per share. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 562,500 shares of common stock. The net proceeds to the Company from the offering of the shares are expected to be approximately $59.8 million after deducting underwriting discounts and commissions and estimated offering expenses, and assuming no exercise of the underwriters' option to purchase additional shares. Subject to customary conditions, the offering is expected to close on June 24, 2019.
The Company expects to use the net proceeds from the offering of the shares for working capital, inventory development, global infrastructure buildout and facilities expansion, sales and marketing and, potentially, acquisitions with strategic impact.
Jefferies and SVB Leerink are acting as joint book-running managers for the offering. Needham & Company, Janney Montgomery Scott, B. Riley FBR, and Roth Capital Partners are acting as co-managers for the offering.
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