Paul Hastings Advised TD Cowen, Cantor, Stifel and RBC Capital Markets on Compass Pathways’ Underwritten Offering

Paul Hastings advised TD Cowen, Cantor, Stifel and RBC Capital Markets as joint book running managers in Compass Pathways plc’s (Nasdaq: CMPS) underwritten offering of 24,014,728 American Depositary Shares (“ADSs”) at a price of $4.275 per ADS and in lieu of ADS, to certain institutional investors, pre-funded warrants to purchase up to 11,044,720 ADSs at a price of $4.2649 per pre-funded warrant. Each ADS and pre-funded warrant shall be accompanied by a warrant to purchase one ADS (the “ADS Warrants”), which have an exercise price of $5.796 per ADS. The gross proceeds to Compass Pathways from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, are expected to be approximately $150 million, and up to approximately $353 million if the ADS Warrants are fully exercised for cash.

The offering is expected to close on or about January 13, 2025, subject to satisfaction of customary closing conditions.

Partner and co-chair of the Equity Capital Markets and Corporate Life Sciences groups Seo Salimi and partner Will Magioncalda led the Paul Hastings team, which included associates Adam Swank and Gabriella Kayal. 

More details can be found here.

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