By Abigail W. Adams
Portland, Me., Sept. 14 – Spero Therapeutics, Inc. priced an offering of $32.15 million, or 3,215,000 shares, of par-of-$10 series D convertible preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.
Cowen, Evercore ISI and Cantor Fitzgerald & Co. are joint bookrunners for the registered offering.
The preferred stock is freely convertible into shares of common stock at a conversion rate of 1 provided the holder will not own more than 9.99% of outstanding shares in the company.
The offering priced concurrently with a secondary offering of 4,785,000 shares of common stock, which priced at $10.00 a share.
The common stock offering carries a greenshoe of $1.2 million shares.
Net proceeds from the concurrent offerings are expected to be $74.8 million, or $86.1 million if the greenshoe is exercised in full.
Proceeds will be used, together with cash on hand and committed funding, to advance one of its products through the New Drug Application approval process and, if approved, through its initial commercialization.
Spero Therapeutics is a Cambridge, Mass.-based clinical-stage biopharmaceutical company.
| Issuer: | Spero Therapeutics Inc.
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| Securities: | Series D convertible preferred stock
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| Amount: | $32.15 million, or 3,215,000 shares
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| Bookrunners: | Cowen, Evercore ISI and Cantor Fitzgerald & Co.
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| Price: | $10.00
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| Conversion rate: | 1
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| Pricing date: | Sept. 14
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| Settlement date: | Sept. 15
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| Distribution: | Registered
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| Stock symbol: | Nasdaq: SPRO
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| Stock price: | $10.00 in concurrent offering
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| Market capitalization: | $217.87 million
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