Plus   Neg

Stealth BioTherapeutics Prices IPO At $12/ADS, The Low End Of Expected Range

Stealth BioTherapeutics (MITO) announced the pricing of initial public offering of 6.5 million American Depositary Shares or ADSs at $12.00 per ADS, the lower end of the expected range of between $12 and $14 per ADS. The offering is expected to close on February 20, 2019.

Stealth stated that its ADSs are expected to begin trading on February 15, 2019 under the ticker symbol "MITO."

The clinical-stage biotechnology company focused on novel therapies for diseases involving mitochondrial dysfunction expects total offering gross proceeds, before expenses, to be $78.0 million.

Stealth also granted the underwriters a 30-day option to buy additional 975,000 ADSs on the same terms and conditions.

Jefferies LLC, Evercore Group L.L.C. and BMO Capital Markets Corp. are acting as joint book-running managers for the offering. Nomura Securities International, Inc. is acting as the lead manager for the offering.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Alibaba is upgrading its intellectual property system using blockchain technology, according to local news outlet Sohu. Alibaba Platform Management expects this to benefit mainly small and medium-sized enterprises, brands and entrepreneurs. The technology will be fully implemented in September, and thereafter, the company intends to expand it to the field of digital copyright protection. Electronics retailer Best Buy Co., Inc. (BBY) reported Thursday a 27 percent increase in profit for the first quarter from last year, which was impacted by restructuring charges, and higher revenues. Both adjusted earnings per share and revenues for the quarter topped analysts' estimates. The company also provides guidance for the second quarter and reiterated its outlook for the full-year 2020. While reporting financial results for the second quarter on Thursday, Hormel Foods Corp. (HRL) lowered its earnings and net sales guidance for the full-year 2019. For fiscal 2019, the company now projects earnings in a range of $1.71 to $1.85 per share, and net sales between $9.70 billion and $10.20...
Follow RTT