SALT LAKE CITY, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ:MYGN) (the "Company" or "Myriad Genetics"), a leader in genetic testing and precision medicine, today announced the pricing of an upsized underwritten public offering of 6,470,588 shares of its common stock, par value $0.01 per share ("common stock"), at a public offering price of $17.00 per share for expected gross proceeds of approximately $110 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company has also granted the underwriters a 30-day option to purchase up to an additional 970,588 shares of its common stock at the public offering price, less underwriting discounts and commissions. All of the shares in the offering are to be sold by the Company. The offering is expected to close on November 13, 2023, subject to customary closing conditions.
The Company intends to use approximately $40.0 million of the net proceeds from the offering to repay all outstanding loans under its asset-based revolving credit facility (and accrued and unpaid interest thereon), without any reduction in commitment, $57.5 million of the net proceeds from the offering to pay the remaining portion of the settlement amount due under the stipulation and agreement of settlement to resolve the class action captioned In re Myriad Genetics, Inc. Securities Litigation, and the remainder of the net proceeds for working capital and general corporate purposes.
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