Carey Olsen advises on $40m NASDAQ IPO

Posted: 12/05/2014

Carey Olsen has advised Jersey-registered company Quotient Limited on its initial public offering (IPO) in the US which raised approximately $40 million by the issue of new shares on NASDAQ.

Quotient Limited is an established, commercial-stage diagnostics company working in the healthcare sector developing innovative tests for blood grouping and serological disease screening (commonly referred to as transfusion diagnostics).

It announced its IPO last week with the issue of 5,000,000 units, each comprising one ordinary share and one warrant to purchase 0.8 of one ordinary share, at a price of $8 per unit. The warrants will be exercisable at an exercise price of $8.80 per ordinary share. In addition, Quotient has granted the underwriters a 30-day option to purchase up to an additional 750,000 units at the IPO price. All of the units are being offered by Quotient.

Carey Olsen’s corporate partner Mike Jeffrey, senior associate James Willmott and associate Katherine Tresca advised on the Jersey law aspects of the IPO and worked alongside a team from Clifford Chance who advised on US law.

Paul Cowan, Chairman and Chief Executive Officer of Quotient, said: "Listing a Jersey registered company on NASDAQ brought its own challenges in terms of managing the differences between jurisdictions, but the team at Carey Olsen worked closely with our US advisers to ensure that we were able to successfully bridge them".

Carey Olsen senior associate James Willmott said: “Our involvement with this IPO further demonstrates the firm’s expertise and experience in Jersey listings and IPOs, both on the UK and US markets. It also showcases our strong ability to work efficiently across jurisdictional borders.” 

Other advisors involved in the launch included Ernst & Young, Gibson Dunn, Capita and Continental Trust Registrars.

 


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