$ALECOct 16, 2026, 4:51 PM ETAI processed424B5
Alector prices 36.6M-share follow-on at $2.05; delivery ~Oct 19, 2026
AI Summary
ALEC filed SEC Form 424B5. New investors face immediate net tangible book value dilution: as-adjusted NTBV ~$0.41/share and dilution of approximately $1.64 per share; underwriting discount is $0.123/share. Company and insiders are subject to a 30-day lock-up from the prospectus date (Oct 16, 2026) restricting sales until about Nov 15, 2026, and an ATM Sales Agreement (up to $125M) remains available but is not being used until the lock-up expires.
Positives
- Company proceeds to issue ~36.6M shares: gross $75.03M, net proceeds to company ~ $70.5M
- Firm-commitment underwriting (underwriters obligated to purchase all offered shares)
Negatives
- Immediate primary dilution at closing (shares outstanding rising to ~148.26M)
- New investors incur ~ $1.64 per-share dilution vs. offering price (as-adjusted NTBV ~$0.41)
- Potential additional resale overhang: Sales Agreement capacity up to $125M exists and can be used after 30-day lock-up
Filing Context
Filing and Dilution Context
Earliest dilution
Earliest dilution: after company starts sales
Dilution status
delayed
Dilution timing
Dilution status: Undetermined
Trigger type
purchase_trigger