TUCSON, Ariz. - Accelerate Diagnostics, Inc. (NASDAQ:AXDX), a company specializing in in vitro diagnostics, has announced the pricing of a public offering and concurrent private placement expected to raise a combined total of approximately $15 million. The public offering includes 6,860,659 units at $1.50 each, with each unit comprising one share of common stock and a warrant to purchase an additional share. For certain investors, pre-funded units priced at $1.49 are available, which include a pre-funded warrant and a common stock purchase warrant.
The warrants in the public offering are set at an exercise price of $1.65 per share and are immediately exercisable, expiring five years after issuance. Pre-funded warrants have an exercise price of $0.01 per share and are exercisable until used in full. The offering also allows underwriters a 30-day option to buy up to an additional 1,029,098 shares and/or warrants. The public offering is expected to close around January 23, 2024, with gross proceeds anticipated to be $10.3 million before deductions.
In a private placement, the Jack W. Schuler Living Trust, affiliated with a company director and its largest shareholder, will purchase 1,156,069 units at $1.73 each. An additional 1,560,693 units are to be bought by the Trust by May 20, 2024, at the same price per unit, potentially raising $4.7 million before expenses.
William Blair & Company, L.L.C. is the sole book-running manager for the public offering, with Craig-Hallum Capital Group LLC as the co-manager. The offering is made through a prospectus, details of which can be obtained from William Blair & Company, L.L.C.
The information in this article is based on a press release statement from Accelerate Diagnostics, Inc.
InvestingPro Insights
As Accelerate Diagnostics, Inc. (NASDAQ:AXDX) embarks on a significant fundraising initiative, insights from InvestingPro offer a deeper understanding of the company's financial health and market performance. According to real-time data, AXDX has a market capitalization of approximately $23.35 million, indicating the company's size in the competitive diagnostics market. Despite the challenges, the company's revenue for the last twelve months as of Q3 2023 stood at $12.0 million, with a gross profit margin of 22.98%, showcasing its ability to generate income above the cost of goods sold.
InvestingPro Tips reveal that the company's stock is currently in oversold territory according to the RSI, which may interest investors looking for potential buying opportunities. Additionally, the company has been quickly burning through cash, a crucial factor for investors to consider given the current capital raise. It's important to note that analysts do not anticipate the company will be profitable this year, which may influence investment decisions.
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