Invitae Announces Proposed Public Offering of Common Stock
Invitae Corporation (NYSE: NVTA) announced a public offering of $400 million in common stock, with an additional $60 million option for underwriters.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Invitae Corporation (NYSE: NVTA) announced a public offering of $400 million in common stock, with an additional $60 million option for underwriters. The funds will support working capital, oncology and reproductive product development, and international expansion. No current commitments exist for acquisitions. The offering is contingent on market conditions and may undergo changes.
Positive
- Net proceeds will be used for working capital and corporate purposes.
- Investment in oncology and reproductive product extensions could enhance growth.
- Potential for international expansion increases market reach.
Negative
- Public offering may lead to dilution of existing shares.
- No guarantee on the completion or terms of the offering due to market conditions.
Details
News Market Reaction – NVTA
The recorded move for NVTA in the trading session of this news was -6.67%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SAN FRANCISCO, Jan. 20, 2021 /PRNewswire/ -- Invitae Corporation (NYSE: NVTA) today announced that it has commenced an underwritten public offering of
Invitae currently intends to use the net proceeds from this offering for working capital and other general corporate purposes, including investing in its platform, oncology and reproductive product extensions and international expansion. Invitae may also use a portion of the net proceeds from this offering to acquire or invest in complementary businesses, assets or technologies, although it has no present commitments or agreements to do so.
J.P. Morgan Securities LLC, Morgan Stanley, Cowen and Company, LLC and SVB Leerink LLC are acting as the book-running managers for the proposed offering.
An automatic shelf registration statement relating to the shares was filed with the Securities and Exchange Commission and became effective on March 4, 2019. A copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY, 10014, Attention: Prospectus Department; from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by email at PostSaleManualRequests@broadridge.com, or by telephone at (833) 297-2926; or from SVB Leerink LLC, One Federal Street, 37th Floor, Boston, MA 02110, Attention: Syndicate Department, by telephone at (800) 808-7535, ext. 6132, or by email at syndicate@svbleerink.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.
About Invitae Corporation
Invitae Corporation (NYSE: NVTA) is a leading medical genetics company whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae's goal is to aggregate the world's genetic tests into a single service with higher quality, faster turnaround time, and lower prices.
Forward-Looking Statements
This press release contains forward-looking statements within the Private Securities Litigation Reform Act of 1995, including statements that relate to the timing, size and completion of the proposed public offering, the grant to the underwriters of the option to purchase additional shares, and other information that is not historical information. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering. More information about the risks and uncertainties faced by Invitae is contained in the section captioned "Risk factors" in the preliminary prospectus supplement related to the public offering filed with the Securities and Exchange Commission. Invitae disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Laura D'Angelo
ir@invitae.com
(628) 213-3369
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SOURCE Invitae Corporation
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