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Highlights
- Genenta Science S.p.A. is expected to list on NASDAQ under the ticker symbol GNTA on December 15.
- The company upsized its offering to 2.4 million American Depositary Shares (ADS), representing one ordinary share each.
- The issue is priced at US$11.50 per share.
Genenta Sciences S.p.A. announced the pricing of its upsized IPO of 2.4 million American Depositary Shares, or ADSs representing one ordinary share each. The issue is priced at US$11.50 per share. The price range given in the filing was US$10.50 to US$12.50.
The biotechnology company kept an additional 360,000 ADSs for underwriters to purchase in case of overallotment by exercising this option within 30 days from the date of the final prospectus. The company also offered 720,114 ordinary shares at the same price reserved for its existing shareholders.
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Genenta Science S.p.A. is a clinical-stage biotechnology company focused on developing lentivirus-based first-in-class gene and cell therapies for the treatment of solid tumor cancers. The company has applied for listing on NASDAQ and filed its registration statement on Form F-1 on November 9, 2021. Initially, it filed for 1,608,695 ADSs in the IPO.
On December 14, the registration statement became effective. Genenta’s expected IPO date is December 15, and the expected closing of the IPO is December 17, 2021, subject to satisfying the conditions.
The shares are expected to start trading on Nasdaq Capital Market Wednesday under the ticker symbol ‘GNTA’.
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The gross proceeds are expected to be approximately US$36 million before deducting the fees and expenses related to the offering. The proceeds may reach US$40 million in case the underwriters exercise their option to purchase the additional ADSs. The company has appointed Roth Capital Partners as its sole book-running manager for the IPO and Maxim Group LLC as its lead manager for the offering.
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Financials
It has not generated any revenue from product sale. The biotechnology company has incurred losses since its inception in 2014. Headquartered in Milan, Italy, the company has a couple of products in the pipeline, including its lead candidate, Temferon.
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Bottom line
NASDAQ has witnessed over 560 listings in the three quarters this year. There were 147 listings in the third quarter alone, raising US$29 billion. The IPO craze is not settling down even towards the end of the year. However, investors must analyze the details carefully while investing in IPOs or the existing stocks.
