On May 26th, Shares of TScan Therapeutics, Inc. (NASDAQ: TCRX) surged by an impressive 31.28% following the announcement of a public offering, where they priced their securities at $140 million.
TScan Therapeutics, Inc. recently unveiled the details of its underwritten public offering, which includes 22,989,474 shares of its voting common stock priced at $2.00 per share. In addition, the offering includes pre-funded warrants for the purchase of up to 47,010,526 shares of common stock at $1.9999 per pre-funded warrant. It’s important to note that the pre-funded warrant price is calculated by subtracting the $0.0001 per share exercise price from the per-share offering price of the voting common stock.
To further enhance this offering, TScan has granted the underwriters a 30-day option to acquire an additional 10,500,000 (10.50M) shares of its voting common stock, subject to customary closing conditions. The gross proceeds expected from this public offering are approximately $140.0 million before considering underwriting discounts, commissions, and other estimated offering expenses. These amounts exclude the possibility of the underwriter’s option being exercised to purchase additional voting common stock.
The expected closing dates for the voting common stock and the pre-funded warrants are on or about May 31, 2023, and June 1, 2023, respectively. However, both settlements are subject to customary closing conditions.
The joint book-running managers for this offering are Morgan Stanley and Wedbush PacGrow.
TScan Therapeutics, Inc. plans to allocate the net proceeds from the offering for general corporate purposes. Following this offering, the company predicts that its current cash and cash equivalents will be sufficient to cover operating expenses and capital expenditure requirements until 2026.