Twist Bioscience (NASDAQ: TWIST), a company enabling customers to succeed through its offering of high-quality synthetic DNA using its silicon platform, announced on 5/6/19 that it has commenced an underwritten public offering of 3,000,000 shares of its common stock. In addition, the company is expected to grant the underwriters of the offering an option for a period of 30 days to purchase up to an aggregate of an additional 450,000 shares of common stock at the public offering price, less the underwriting discount. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.
Twist intends to use the net proceeds of the offering, along with its existing cash, cash equivalents and short-term investments to improve and update its platform and core technologies by investing in equipment, expanding its NGS research and development capabilities, investing in production software, consolidating into new operation facilities and increasing its production capacity. It also intends to use the proceeds of the offering to expand its commercial operations including marketing, NGS sales and technical services in , and , to continue to expand in the pharmaceutical biologics drug discovery and DNA data storage markets, to establish its NGS operations in and for working capital and general corporate purposes.
As of this writing, Twist is down 4.83%. The company has a $633.4M market cap.