Aug. 13 at 10:47 AM
$ABCL
...only a modest discount to the ~
$10.38 area. Good.
The offering was oversubscribed, that's a strong signal of institutional demand. Good.
Because investors were willing to put
$200M into ABCL at essentially the current post-data valuation. That validates the new valuation level much more than a heavily discounted financing would. Good.
The downside is straightforward: we shareholders are diluted. If there were roughly 170M shares outstanding beforehand, ~20.5M incremental shares would represent roughly 12% dilution. If I´m right, 17.44M shares + 3.08M pre-funded warrants....But the company receives
$200M cash in return, so the dilution isn't equivalent to simply destroying 12% of shareholder value.
And long-term its positive for ABCL635. Good. :-)
IMO...
https://www.theglobeandmail.com/investing/markets/stocks/ABCL-Q/pressreleases/3818923/abcellera-announces-pricing-of-oversubscribed-200-million-public-offering-of-common-shares-and-pre-funded-warrants/
