On January 7, 2021 Gracell Biotechnologies Inc. (NASDAQ:GRCL) ("Gracell"), a global clinical-stage biopharmaceutical company dedicated to discovering and developing breakthrough cell therapies to address major industry challenges and fulfill unmet medical needs in the treatment of cancer, reported the pricing of its initial public offering of 11,000,000 American Depositary Shares ("ADSs"), each representing five ordinary shares, at a public offering price of US$19.00 per ADS (Press release, Gracell Biotechnologies, JAN 7, 2021, View Source [SID1234573660]). The gross proceeds to Gracell from the offering are expected to be US$209.0 million, before deducting underwriting discounts and commissions and other offering expenses. In addition, Gracell has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 ADSs at the initial public offering price, less underwriting discounts and commissions. All of the ordinary shares represented by ADSs are being offered by Gracell.

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The ADSs have been approved for listing on The Nasdaq Global Market and are expected to begin trading on January 8, 2021 under the ticker symbol "GRCL". The offering is expected to close on January 12, 2021 subject to the satisfaction of customary closing conditions.

Citigroup, Jefferies, Piper Sandler & Co. and Wells Fargo Securities are acting as joint book-running managers for the offering.

The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146 or by email at [email protected]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by email at [email protected]; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924 or by email at [email protected]; or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, NY 10001, by telephone at (800) 326-5897 or by email at [email protected].

Gracell’s registration statement relating to the offering has been filed with, and declared effective by the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.