Item 8.01. Other Events.
On January 23, 2023 CymaBay Therapeutics, Inc. (the "Company") entered into an
underwriting agreement (the "Underwriting Agreement") with Piper Sandler & Co.
and Raymond James & Associates, Inc. as representatives of the several
underwriters named therein (the "Underwriters") relating to the offering,
issuance and sale of 10,000,000 shares of the Company's common stock, par value
$0.0001 per share, at a price to the public of $7.00 per share, and pre-funded
warrants to purchase 2,142,857 shares of the Company's common stock at a price
to the public of $6.9999 per underlying share. Pursuant to the Underwriting
Agreement, the Underwriters have agreed to purchase the shares of common stock
from the Company at a price of $6.58 per share and the pre-funded warrants at a
price of $6.579906 per underlying share. The gross proceeds from the offering,
excluding the exercise by the underwriters of their 30-day option to purchase
additional shares of common stock, are expected to be approximately $85.0
million, before deducting underwriting discounts and commissions and offering
expenses. The offering is expected to close on or about January 26, 2023,
subject to customary closing conditions. The Underwriters have a 30-day option
to purchase up to an additional 1,821,428 shares of common stock. All of the
shares and pre-funded warrants in the offering are being sold by the Company.
The offering is being made pursuant to the Company's effective shelf
registration statement on Form S-3 (Registration No. 333-239670) previously
filed with the Securities and Exchange Commission on July 2, 2020, which became
effective on July 13, 2020.
The Underwriting Agreement contains customary representations, warranties and
agreements by the Company, customary conditions to closing, indemnification
obligations of the Company and the Underwriters, including for liabilities under
the Securities Act of 1933, as amended, other obligations of the parties and
termination provisions. The representations, warranties and covenants contained
in the Underwriting Agreement were made only for purposes of such agreement and
as of specific dates, were solely for the benefit of the parties to such
agreement and may be subject to limitations agreed upon by the contracting
parties.
The Underwriting Agreement is filed as Exhibit 1.1 hereto, and the form of
pre-funded warrant is filed as Exhibit 4.1 hereto. The foregoing descriptions of
the terms of the Underwriting Agreement and the pre-funded warrants are
qualified in their entirety by reference to Exhibits hereto. A copy of the
opinion of Cooley LLP relating to the legality of the issuance and sale of the
shares in the offering is attached as Exhibit 5.1 hereto.
Item 9.01. Financial Statements and Exhibits.
Exhibit
No. Description
1.1 Underwriting Agreement, dated January 23, 2023
4.1 Form of Pre-Funded Warrant
5.1 Opinion of Cooley LLP
23.1 Consent of Cooley LLP (contained in Exhibit 5.1)
104 Cover Page Interactive Data File (formatted as inline XBRL and
contained in exhibit 101)
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