NEW YORK — Sequencing instrument and services firm SeqLL said on Thursday that it has priced its planned $13 million initial public offering.
According to the Woburn, Massachusetts-based company, it will offer 3.06 million shares of common stock along with accompanying warrants to purchase up to 3.06 million additional shares at $4.25 apiece.
SeqLL said it has also granted the underwriters of the offering a 45-day option to buy another 459,000 shares of common stock and/or warrants to purchase the same number of shares at the IPO price. Maxim Group is the sole bookrunning manager on the offering and is serving as representative of the underwriters, according to a Form S-1 filed by SeqLL with the US Securities and Exchange Commission earlier this week.
SeqLL said its shares will begin trading on Friday on the Nasdaq under the ticker symbol SQL, and the warrants will trade under the symbol SQLLW.
SeqLL said it will use the majority of the IPO's proceeds to expand its commercial operations including building additional sequencing instruments that utilize its so-called true single-molecule sequencing technology platform, manufacturing additional reagents and consumables, and developing proprietary reagents for areas outside its life sciences focus.
The firm said in its preliminary prospectus for the offering that integral to its strategy "will be to work with existing customers in developing new instruments optimized for specific assay and chemistry performance in order to support a wide array of applications."
SeqLL was founded in early 2013 to continue commercialization of a sequencing technology developed by Helicos BioSciences, which went out of business the year before. The firm had planned to go public last year but ultimately withdrew the IPO.
For fiscal year 2020, SeqLL generated revenues of $329,495, down 38 percent year over year from $533,129. Its net loss was $1.0 million compared to $2.5 million for FY 2019.