Cargo Therapeutics, a clinical-stage biotechnology company based in San Mateo, California, has unveiled its plans to launch an initial public offering (IPO). The company aims to sell 18.75 million shares at a price per share ranging between $15 and $17. At the midpoint of this range, $16 per share, Cargo expects to raise approximately $273.7 million in net proceeds. If the underwriters exercise their option to purchase an additional 2.81 million shares, the company could secure around $315.6 million.
Advancing Next-Generation Cell Therapies
Cargo Therapeutics is dedicated to advancing next-generation cell therapies specifically designed for cancer patients. The anticipated IPO proceeds, along with the company's existing resources, are expected to be sufficient to meet its working-capital and capital-spending requirements until 2025.
Strong Market Position
Following the completion of the IPO, Cargo Therapeutics will have approximately 41.5 million shares outstanding, assuming the overallotment option is exercised. Based on the midpoint price of $16 per share, this would result in a market capitalization of approximately $664 million.
Nasdaq Listing
Cargo Therapeutics has submitted an application to list its shares on the Nasdaq Global Select Market under the ticker symbol CRGX.
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