On November 23, 2021 RedHill Biopharma Ltd. (Nasdaq: RDHL) ("RedHill" or the "Company"), a specialty biopharmaceutical company, reported the closing of the previously announced underwritten public offering of approximately 4.7 million American Depositary Shares ("ADSs") for gross proceeds of approximately $15.5 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by RedHill (Press release, RedHill Biopharma, NOV 23, 2021, View Source [SID1234596000]). Each ADS represents ten ordinary shares, par value NIS 0.01 per share, of the Company. All of the ADSs were offered by RedHill. In addition, RedHill has granted the underwriter a 30-day option to purchase up to approximately an additional 0.7 million ADSs.
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Cantor Fitzgerald & Co. acted as sole bookrunner for the offering. SMBC Nikko Securities America, Inc. acted as a financial advisor to the Company.
RedHill intends to use the net proceeds of the offering to fund its commercialization activities, clinical development programs and for acquisitions and general corporate purposes.
The securities described above were offered by RedHill pursuant to a shelf registration statement on Form F-3 (No. 333-232777) declared effective by the Securities and Exchange Commission (the "SEC") on August 8, 2019.
The final prospectus supplement and the accompanying prospectus relating to the offering was filed with the SEC and is available on the SEC’s website at View Source Alternatively, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Cantor Fitzgerald & Co., 499 Park Avenue, 4th Floor, New York, New York 10022, Attn: Capital Markets Department, or by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.