Arcutis Biotherapeutics Announces Closing of Underwriters’ Over-Allotment Option in Connection with Public Offering of Common Stock
WESTLAKE VILLAGE, Calif., Feb. 16, 2021 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (“Arcutis”) (Nasdaq: ARQT), a late-stage biopharmaceutical company focused on developing and
commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology, announced that it has completed the sale of an additional 825,000 shares
of common stock, pursuant to the exercise in full of the overallotment option granted to the underwriters in connection with the Company’s recently completed underwritten public offering of
5,500,000 shares of common stock, at the public offering price of $35.00 per share, less underwriting discounts and commissions. After giving effect to the sale of these additional shares, a total
of 6,325,000 shares of common stock were sold in the offering, for aggregate gross proceeds of approximately $221.4 million, before deducting underwriting discounts and commissions and other
estimated offering expenses payable by Arcutis.
Morgan Stanley, Cowen, and Guggenheim Securities acted as bookrunning managers for the offering. Truist Securities and Cantor acted as lead managers for the offering.
The public offering was made pursuant to an automatic shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission (the "SEC") on February 1, 2021 and automatically became effective upon filing. A final prospectus supplement and accompanying prospectus relating to and describing the final terms of the offering were filed with the SEC and are available on the SEC's website located at http://www.sec.gov or may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at firstname.lastname@example.org; Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New York, New York 10017, by telephone at (212) 518-9658, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.
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