Accelerate Diagnostics, Inc. (AXDX)

[free_bee]

any dedicated to providing solutions for the global challenge of drug resistant organisms and hospital acquired infections, announced today that it has commenced a $45,000,000 rights offering to fund its product commercialization efforts.
Under the terms of the rights offering, the company is distributing, at no charge to the holders of its common stock as of 5:00 p.m., New York City time, on March 14, 2014, which was established as the record date for the rights offering, 0.063921 non-transferable subscription rights for each share of common stock owned on the record date, as more fully described in the prospectus relating to the rights offering. Each whole subscription right will allow the holder to subscribe to purchase one share of common stock at a subscription price of $16.80 per share. In the aggregate, the company intends to issue 2,678,571 shares of common stock in connection with the rights offering.
The subscription rights may be exercised until 5:00 p.m. New York City time, on April 28, 2014, as more fully described in the prospectus. The rights offering period may not be extended. Any fractional rights remaining after aggregating all of the subscription rights issued to a stockholder will be rounded down to the nearest whole number, and no stockholder will receive any shares with respect to fractional rights that are rounded down.
The company has received a standby commitment from the Jack W. Schuler Living Trust and the Schuler Family Foundation. The standby purchaser has agreed to purchase any and all shares of common stock that are not subscribed for by stockholders in connection with the rights offering. Upon completion of the rights offering, the company will receive gross proceeds of approximately $45,000,000 before expenses. The purpose of the rights offering is to raise equity capital in a cost-effective manner that gives all of the company's existing stockholders the opportunity to participate on a pro rata basis. The net proceeds of the offering will be used for working capital and specifically to fund the company's business plan and product commercialization efforts.
A Registration Statement relating to these securities has been filed with the SEC and was declared effective on April 7, 2014. A copy of the prospectus forming a part of the Registration Statement may be obtained free of charge at the website maintained by the SEC at www.sec.gov or by contacting Steve Reichling at [phone]. For questions about the rights offering, including questions about subscription procedures and requests for additional copies of the prospectus, contact Broadridge Corporate Issuer Solutions, Inc. at [phone]. Broadridge is acting as the Subscription and Information Agent for the rights offering on behalf of the company.
This press release shall 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.
- See more at: http://www.noodls.com/view/A68E76F6CBC5AB286AF6AA42E60360ACE2B3F55D?8327xxx1396899372#sthash.leyT5F9S.dpuf