GeneDx Holdings Announces Pricing Of A $150 Million Underwritten Public Offering Of Class A Common Stock And Concurrent Registered Direct Offering

About this update from Genedx Holdings Corp.

[{"type":"text","content":"STAMFORD, Conn., Jan. 27, 2023 (GLOBE NEWSWIRE) -- GeneDx Holdings Corp. (Nasdaq: WGS) today announced the pricing of offerings for an aggregate of 428,571,429 shares of its Class A common stock at a public offering price of $0.35 per share (the “Offerings”). The Offerings consist of an underwritten public offering (the “Underwritten Offering”) of 328,571,429 shares and a registered direct offering (the “Direct Offering”) of 100,000,000 shares to institutional investors affiliated with a member of GeneDx’s board of directors (comprising 77,663,376 shares (the “Initial Direct Offering Shares”) that are expected to be issued following the closing of the Underwritten Offering and 22,336,624 shares (the “Additional Direct Offering Shares”) that are subject to stockholder approval to satisfy Nasdaq requirements with respect to the issuance of such shares of Class A common stock). GeneDx has granted the underwriter a 30-day option to purchase up to an additional 49,285,714 shares of Class A common stock in connection with the Underwritten Offering. The gross proceeds to GeneDx from the Offerings, before deducting underwriting discounts and commissions and other offering fees and expenses payable by GeneDx, are expected to be $150 million. Jefferies is acting as the sole book-running manager for the Underwritten Offering and as the sole placement agent for the Direct Offering. Cowen is acting as a financial advisor to GeneDx for the Offerings. All of the securities are being offered by GeneDx. GeneDx intends to use the net proceeds from the Offerings primarily for general corporate purposes, including additions to working capital, repayment or redemption of existing indebtedness, and strategic investment opportunities. The Underwritten Offering and the closing of the Initial Direct Offering Shares in the Direct Offering are expected to close on or about January 31, 2023, in each case subject to the satisfaction of customary closing conditions. The closing of the Underwritten Offering is not conditioned upon the closing of the Direct Offering. The Company expects to call a special meeting of stockholders for the approval of a proposal to issue the Additional Direct Offering Shares. The Offerings are being made pursuant to a shelf registration statement (File No. 333-267112) on Form S-3 that was previously filed by GeneDx with the Securi...

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