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Terns Announces Closing of Public Offering of Shares of Common Stock, Including Full Exercise of Underwriters’ Option to Purchase Additional Shares
FOSTER CITY, Calif., Dec. 23, 2022 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage
About this update from Terns Pharmaceuticals, Inc.
[{"type":"text","content":"FOSTER CITY, Calif., Dec. 23, 2022 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, obesity and non-alcoholic steatohepatitis (NASH), today announced the closing of its previously announced underwritten public offering of 11,902,500 shares of its common stock, including 1,552,500 shares sold pursuant to the underwriters’ exercise in full of their option to purchase additional shares, at a public offering price of $7.25 per share, before underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Terns, are approximately $86.3 million. All of the securities were offered by Terns. Jefferies and Cowen acted as lead book-running managers for the offering. UBS Investment Bank also acted as a bookrunner for the offering. Mizuho and JMP Securities, a Citizens Company, acted as co-lead managers for the offering. Terns intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, to advance its clinical-stage development pipeline, including the TERN-501, TERN-701 and TERN-601 clinical programs and for working capital and general corporate purposes. The public offering was made pursuant to a registration statement on Form S-3 previously filed with the Securities and Exchange Commission (“SEC”), which became effective on March 14, 2022. A prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC and is available on the SEC’s website located at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus relating to this offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at 877-821-7388 or by email at [email protected] or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 1-833-297-2926 or by e-mail: [email protected]. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor s...