Gracell Biotechnologies Inc. (GRCL) Prices 11M ADS IPO at $19/ADS

Gracell Biotechnologies Inc. (NASDAQ: GRCL) today announced the pricing of its initial public offering of 11,000,000 American Depositary Shares ("ADSs"), each representing five ordinary shares, at a public offering price of US$19.00 per ADS. The gross proceeds to Gracell from the offering are expected to be US$209.0 million, before deducting underwriting discounts and commissions and other offering expenses. In addition, Gracell has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 ADSs at the initial public offering price, less underwriting discounts and commissions. All of the ordinary shares represented by ADSs are being offered by Gracell.

The ADSs have been approved for listing on The Nasdaq Global Market and are expected to begin trading on January 8, 2021 under the ticker symbol "GRCL". The offering is expected to close on January 12, 2021 subject to the satisfaction of customary closing conditions.

Citigroup, Jefferies, Piper Sandler & Co. and Wells Fargo Securities are acting as joint book-running managers for the offering.

The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement.

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