Benzinga | Jan 21, 2021 05:34AM EST

Cryoport Priced 3,787,878 Shares Public Offering of Common Stock @$66/Share

Cryoport, Inc. (NASDAQ:CYRX) today announced the pricing of its underwritten public offering of an aggregate of 3,787,878 newly issued shares of common stock at a public offering price of $66.00 per share. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 568,181 shares of common stock. The net proceeds to the Company from the offering of the shares are expected to be approximately $234.5 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company, and assuming no exercise of the underwriters' option to purchase additional shares. Subject to customary conditions, the offering is expected to close on January 25, 2021.

The Company expects to use the net proceeds from the offering of the shares for general corporate purposes, which may include working capital, inventory development, global infrastructure buildout and facilities expansion, sales and marketing.

Morgan Stanley, Jefferies, SVB Leerink, and UBS Investment Bank are acting as joint book-running managers for the offering.