Quotient Limited Announces Proposed Underwritten Offering of Ordinary Shares
JERSEY, Channel Islands, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Quotient Limited (NASDAQ: QTNT) (the Company), a commercial-stage diagnostics company, today announced the Company intends to commence an underwritten public offering of $60 million of its ordinary shares. All of the ordinary shares to be sold in the offering will be offered by the Company. In addition, the Company intends to grant the underwriters a 30‑day option to purchase up to an additional 15% of the ordinary shares sold in the public offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.
The Company intends to use the net proceeds of the offering primarily to fund the ongoing development and commercialization of MosaiQ and for working capital, operating expenses and other general corporate purposes.
Goldman Sachs & Co. LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering. BTIG, LLC is acting as lead manager.
The ordinary shares in the public offering described above are being offered pursuant to the Company's shelf registration statement on Form S-3, as amended by Amendment No. 1, filed with the Securities and Exchange Commission (SEC) on August 21, 2020 and on September 2, 2020, respectively, and declared effective by the SEC on September 4, 2020. The offering will be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at . Copies of the preliminary prospectus supplement and the accompanying prospectus, when available, may also be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471‑2526 or by email at l.gs.com; Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by telephone at (833) 297‑2926 or by email at ; and BTIG, LLC, Equity Capital Markets, 65 East 55th Street, New York, NY 10022, or by telephone at (212) 593‑7555 or by email at .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Quotient Limited
Building on over 30 years of experience in transfusion diagnostics, Quotient is a commercial-stage diagnostics company committed to delivering solutions that reshape the way diagnostics is practiced. MosaiQ, Quotient’s proprietary multiplex microarray technology, offers the world’s first fully automated, consolidated testing platform, allowing for multiple tests across different modalities. MosaiQ is designed to be a game-changing solution, which Quotient believes will increase efficiencies, improve clinical practice, deliver significant workflow improvements, and operational cost savings to laboratories around the world. Quotient's operations are based in Eysins, Switzerland, Edinburgh, Scotland and Newtown, Pennsylvania.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the proposed underwritten public offering, including the anticipated offering size. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including: market conditions; Quotient's ability to satisfy closing conditions related to the proposed offering; and other risks set forth in Quotient's most recent Annual Report on Form 10‑K and Quarterly Report on Form 10‑Q, as well as other documents that Quotient files with the Securities and Exchange Commission, including the Registration Statement on Form S‑3 (File No. 333‑248235), as amended by Amendment No. 1, for the offering. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Quotient disclaims any obligation to update these forward-looking statements because of new information, future events or circumstances or other factors. The Quotient logo, Quotient MosaiQ and MosaiQ are trademarks or registered trademarks of Quotient Limited or its subsidiaries in various jurisdictions.
Contact: Peter Buhler, Chief Financial Officer, ; 6
