ProKidney announces $125M Class A ordinary shares offering

ProKidney Corp. announced that it has commenced an underwritten public offering and a concurrent registered direct offering of up to an aggregate of $125M of its Class A ordinary shares. Certain investment entities, which includes entities affiliated with the company’s chairman and holders of more than 10% of the company’s outstanding capital stock, have expressed an interest in purchasing the company’s Class A ordinary shares in the offering. These entities may purchase in either the underwritten public offering or in the concurrent registered direct offering. However, because indications of interest are not binding agreements or commitments to purchase, the company and the underwriters could determine to sell more, fewer or no shares to any of these potential purchasers, and any of these potential purchasers could determine to purchase more, fewer or no shares in the offerings. The underwritten public offering is not contingent on the closing of the concurrent direct offering, and the concurrent direct offering is not contingent on the closing of the underwritten public offering. ProKidney currently intends to use the net proceeds from the underwritten public offering and the concurrent registered direct offering for clinical trial costs and other research and development expenses, continued investment in its drug development platform, for its pre-commercial and commercial activities, including its commercial manufacturing facility, and for other general corporate purposes, including for working capital, capital expenditures and general and administrative expenses. Jefferies, J.P. Morgan and Guggenheim Securities are acting as the joint book-running managers and PJT Partners is acting as a co-manager in the proposed underwritten public offering.