Fulgent Genetics Announces Pricing of Public Offering of Common Stock
November 13 2019 - 11:15PM
Fulgent Genetics (NASDAQ: FLGT) (“Fulgent Genetics” or the
“Company”), a provider of comprehensive genetic testing and Next
Generation Sequencing (NGS) solutions, today announced the pricing
of its previously announced underwritten public offering of
2,325,000 shares of its common stock at a public offering price of
$11.25 per share, resulting in gross proceeds of approximately
$26.2 million, before deducting underwriting discounts and
commissions and other estimated offering expenses payable by the
Company.
The offering is expected to close on November 18, 2019, subject
to the satisfaction of customary closing conditions. The Company
has also granted the underwriters a 30-day option to purchase up to
348,750 additional shares of common stock. The Company currently
intends to use the net proceeds from this offering for working
capital and general corporate purposes.
Piper Jaffray & Co. is acting as the sole book-running
manager for the offering and BTIG, LLC is acting as lead
manager.
The shares are being offered by Fulgent Genetics by means of a
prospectus supplement to the prospectus forming a part of the
Company’s effective shelf registration statement on Form S-3 filed
with the Securities and Exchange Commission (the “SEC”) on August
12, 2019 and other related documents. You may obtain these
documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, copies of the preliminary prospectus
supplement may be obtained from Piper Jaffray & Co., Attention:
Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN
55402, by email at prospectus@pjc.com or by phone: 1-800-747-3924
or from BTIG, LLC, Equity Capital Markets, 65 East 55th Street, New
York, NY 10022, or by telephone at (212)593-7555 or by email at
equitycapitalmarkets@btig.com. Before you invest, you should read
the prospectus supplement and the accompanying base prospectus
along with other documents that the Company has filed with the SEC
for more complete information about the Company and these
offerings.
This press release shall not constitute an offer to sell, or a
solicitation of an offer to buy, the Shares or any other
securities, nor will there be any sale of the Shares or any other
securities in any state or other 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 other
jurisdiction.
About Fulgent Genetics
Fulgent Genetics is a technology company with a focus on
offering comprehensive genetic testing to provide physicians with
clinically actionable diagnostic information they can use to
improve the quality of patient care. The company has developed a
proprietary technology platform that allows it to offer a broad and
flexible test menu and continually expand and improve its
proprietary genetic reference library, while maintaining accessible
pricing, high accuracy and competitive turnaround times. The
company believes its test menu offers more genes for testing than
its competitors in today’s market, which enables it to provide
expansive options for test customization and clinically actionable
results.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that statements in this press release
regarding the intention, completion, timing and option relating to
the proposed public offering and the intended use of proceeds
constitute forward-looking statements that involve risks and
uncertainties, including, without limitation, risks and
uncertainties related to market conditions and the satisfaction of
customary closing conditions related to the proposed public
offering. There can be no assurance that Fulgent Genetics
will be able to complete the proposed public offering.
The forward-looking statements made in this press release speak
only as of the date of this press release, and the company assumes
no obligation to update publicly any such forward-looking
statements to reflect actual results or to changes in expectations,
except as otherwise required by law.
The company’s reports filed with the Securities and Exchange
Commission, including its annual report on Form 10-K for the year
ended December 31, 2018 filed with the Securities and Exchange
Commission on March 22, 2019, its registration statement on Form
S-3 and prospectus supplements thereto, and the other reports it
files from time to time, including subsequently filed quarterly and
current reports, are made available on the company’s website upon
their filing with the Securities and Exchange Commission. In
particular, you are encouraged to review the Company’s quarterly
report on Form 10-Q for the quarter ended September 30, 2019 for
any revisions or updates to the information in this release.
Investor Relations Contact:The Blueshirt GroupNicole Borsje,
415-217-2633, nborsje@blueshirtgroup.com
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