IRVINE, Calif., April 28, 2016 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX, CYRXW) ("Company"), the world's leading cryogenic logistics company, announced today that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC") for a rights offering to its shareholders and warrant holders of record.
The rights will be issued to all shareholders and warrant holders as of a record date to be determined by the company's board of directors. This rights offering will be made through a distribution to shareholders and warrant holders in the form of non-transferable subscription rights. Shareholders will receive the right to purchase one share of common stock for each share of common stock held on the record date, which has yet to be determined, and warrant holders will receive the right to purchase one share of common stock for each share of common stock into which the warrants held by them are exercisable at the record date; provided that the rights may only be exercised for a maximum number of shares in the aggregate. The Company will provide notice of the record date, subscription price, and maximum number of shares issuable upon exercise of the rights at such time as they are determined.
The registration statement relating to these securities has been filed with the SEC, but has not yet become effective. The rights may not be sold by the Company nor may offers to buy be accepted by the Company prior to the time the registration statement becomes effective.
Once the registration statement is declared effective, the subscription period is expected to stay open for approximately 16 days following the record date. Holders who fully exercise their subscription rights will be entitled to subscribe for additional shares of common stock only to the extent that the rights offering is undersubscribed, subject to pro rata allocation of shares among persons exercising the basic rights and over-subscription privileges.
The Company intends to use the proceeds of this offering for general corporate purposes, which may include funding for sales and marketing, and general working capital purposes.
This press release shall not and does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Source Capital Group, Inc. will act as dealer manager for the rights offering. Source Capital Group invites any interested broker dealers in participating in the rights offering to contact Source's syndicate department at [email protected] for additional details.
When available, copies of the prospectus relating to the rights offering may be obtained from the information agent for the offering:
480 Washington Blvd, 26th Floor
Jersey City, NJ 07310
Toll Free: (800) 903-2897
About Cryoport, Inc.
Cryoport is the premier provider of cryogenic logistics solutions to the life sciences industry through its purpose-built proprietary packaging, information technology and specialized cold chain logistics expertise. The Company provides leading edge logistics solutions for biologic materials, such as immunotherapies, stem cells, CAR T-cells and reproductive cells for clients worldwide. Leading global companies, such as FedEx, UPS and DHL have each separately selected Cryoport as the preferred cryogenic logistics provider for time- and temperature-sensitive biological material. Cryoport actively supports points-of-care, CRO's, central laboratories, pharmaceutical companies, contract manufacturers and university researchers. For more information, visit www.cryoport.com.
Forward Looking Statements
Statements in this news release which are not purely historical, including statements regarding Cryoport, Inc.'s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that the company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, and technical development risks. The company's business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended March 31, 2015. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Cryoport, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
SOURCE Cryoport, Inc.