Cytokinetics Announces Closing of Public Offering of Common Stock
Rhea-AI Summary
Cytokinetics announced the closing of its public offering of 9,803,922 shares of common stock at $51.00 per share. The offering raised approximately $500 million before expenses. The offering was managed by J.P. Morgan, Goldman Sachs & Co. , and Morgan Stanley. The securities were offered under a shelf registration statement filed in November 2022 with the SEC, which is now effective.
Positive
- Cytokinetics raised approximately $500 million in gross proceeds from the stock offering.
- The stock offering was successfully managed by prestigious financial institutions: J.P. Morgan, Goldman Sachs, and Morgan Stanley.
- The offering was executed under an already-effective shelf registration statement, ensuring compliance with SEC regulations.
Negative
- Issuing 9,803,922 new shares could lead to shareholder dilution.
- The offering's proceeds are gross, not net, implying further reduction due to offering expenses.
News Market Reaction – CYTK
In the trading session that priced this news, CYTK declined 0.73%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SOUTH SAN FRANCISCO, Calif., May 28, 2024 (GLOBE NEWSWIRE) -- Cytokinetics, Incorporated (Nasdaq: CYTK) today announced the closing of its previously announced underwritten public offering of 9,803,922 shares of its common stock at a price to the public of
J.P. Morgan, Goldman Sachs & Co. LLC and Morgan Stanley acted as joint book-running managers for the offering.
The securities described above were offered by Cytokinetics pursuant to a shelf registration statement (including a base prospectus) filed on November 18, 2022 with the Securities and Exchange Commission (SEC), which has become automatically effective. A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and can be accessed for free on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at (866) 471-2526, or by email at Prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, by telephone at 866-718-1649 or by email at prospectus@morganstanley.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these 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.
Contact:
Cytokinetics
Diane Weiser
Senior Vice President, Corporate Affairs
(415) 290-7757
