FR EA
1018-00001 · Client 1018 · Engagement & Internal
transaction-timeline-working-group-list.xlsx DOCUMENT Capital Markets
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Contract analysis Extract to table

[sheet: Working Group List]

Party / OrganizationRole in TransactionNameTitleOffice AddressPhoneEmailNotes
Penterra Pharmaceuticals Corp.IssuerDavid OrensteinGeneral Counsel & Corporate Secretary400 Meridian Parkway, Suite 1200, Princeton, NJ 08540(609) 555-4100dorenstein@penterra.comPrimary issuer contact; also serves as attorney-in-fact for selling stockholders
Penterra Pharmaceuticals Corp.IssuerLisa HargroveChief Financial Officer400 Meridian Parkway, Suite 1200, Princeton, NJ 08540(609) 555-4102lhargrove@penterra.comSigning officer for Underwriting Agreement and Officer's Certificate
Penterra Pharmaceuticals Corp.Issuer — CEO / Selling StockholderDr. Marco CastellanoChief Executive Officer400 Meridian Parkway, Suite 1200, Princeton, NJ 08540(609) 555-4101mcastellano@penterra.comSelling stockholder (500,000 shares base); signing officer for Officer's Certificate
Castellano Family / Selling StockholdersSelling Stockholder — Board ChairDr. Elena CastellanoCo-Founder, Board Chairc/o Penterra Pharmaceuticals Corp., 400 Meridian Parkway, Suite 1200, Princeton, NJ 08540(609) 555-4110ecastellano@penterra.comSelling 3,000,000 shares (base)
Castellano Family / Selling StockholdersSelling Stockholder — Board MemberDr. Riccardo CastellanoCo-Founder, Board Memberc/o Penterra Pharmaceuticals Corp., 400 Meridian Parkway, Suite 1200, Princeton, NJ 08540(609) 555-4111rcastellano@penterra.comSelling 2,500,000 shares (base)
Castellano Family / Selling StockholdersSelling Stockholder — Family Holding VehicleCastellano Family Holdings LLCDelaware LLCc/o Penterra Pharmaceuticals Corp., 400 Meridian Parkway, Suite 1200, Princeton, NJ 08540(609) 555-4100—Selling 250,000 shares (base); contact through David Orenstein
Calderwood & Harkness LLPIssuer's CounselJennifer KwonPartner, Capital Markets (Responsible Partner)One Liberty Plaza, 52nd Floor, New York, NY 10006(212) 555-7800jkwon@calderwoodharkness.comResponsible partner; will sign legal opinion
Calderwood & Harkness LLPIssuer's CounselTheodore LangstonPartner, Capital Markets (Billing Partner)One Liberty Plaza, 52nd Floor, New York, NY 10006(212) 555-7810tlangston@calderwoodharkness.comBilling partner
Calderwood & Harkness LLPIssuer's CounselAudrey ZhouSenior Associate, Capital MarketsOne Liberty Plaza, 52nd Floor, New York, NY 10006(212) 555-7825azhou@calderwoodharkness.comLead associate; day-to-day deal management
Calderwood & Harkness LLPIssuer's CounselBrendan WalshAssociate, Capital MarketsOne Liberty Plaza, 52nd Floor, New York, NY 10006(212) 555-7830bwalsh@calderwoodharkness.comWorking associate
Ridgeline Securities LLCLead Left Book-Runner; IPO Lock-Up PartyJonathan Pryce-HallManaging Director, Lead Banker383 Madison Avenue, New York, NY 10017(212) 555-3300jpryce-hall@ridgelinesec.comLead banker; lock-up waiver signatory
Ridgeline Securities LLCLead Left Book-RunnerAngela FerrisVice President, Syndicate Desk383 Madison Avenue, New York, NY 10017(212) 555-3320aferris@ridgelinesec.comSyndicate / allocation contact
Broadmark Capital Inc.Joint Book-Runner; IPO Lock-Up PartySamuel OkonkwoManaging Director200 Park Avenue, New York, NY 10166(212) 555-4400sokonkwo@broadmarkcap.comLock-up waiver signatory
Linden Groves & Co.Co-Manager——745 Fifth Avenue, New York, NY 10151(212) 555-5500syndicate@lindengroves.com
Harborview Partners LLCCo-Manager——1 Federal Street, Boston, MA 02110(617) 555-6600syndicate@harborviewpartners.com
Morningstar Zanthor & Co.IPO Co-Manager; Lock-Up Party (waiver only — not in secondary syndicate)Diane ChaudharyManaging Director600 Lexington Avenue, New York, NY 10022(212) 555-7700dchaudhary@morningstarsachs.comLock-up waiver consent required; not participating in secondary offering
Caldwell, Pearce & Strauss LLPUnderwriters' CounselMargaret HuiPartner, Capital Markets1251 Avenue of the Americas, 40th Floor, New York, NY 10020(212) 555-8800mhui@caldwellps.comLead partner for underwriters' counsel
Caldwell, Pearce & Strauss LLPUnderwriters' CounselRyan PetrosianAssociate1251 Avenue of the Americas, 40th Floor, New York, NY 10020(212) 555-8815rpetrosian@caldwellps.comWorking associate
Whitfield & Garza LLPSelling Stockholders' Personal CounselPatricia VelázquezPartner590 Madison Avenue, 28th Floor, New York, NY 10022(212) 555-9900pvelazquez@whitfieldgarza.comAdvises Castellano family personally
Graystone & Whitmore LLPIndependent Registered Public Accounting Firm / AuditorsThomas ReiterEngagement Partner, Audit30 Rockefeller Plaza, New York, NY 10112(212) 555-2200treiter@graystonew.comComfort letter and bring-down comfort letter
Pinnacle Trust & Transfer Co.Transfer Agent——1 Ashbury Asset Advisors Plaza, 30th Floor, New York, NY 10004(212) 555-1100corporateactions@pinnacletrust.comDTC eligibility; book-entry delivery of shares
Apex Financial Printing Inc.Financial Printer——55 Water Street, New York, NY 10041(212) 555-0500projects@apexfp.comProspectus supplement printing and EDGAR filing support
Atlantic Omnivrel Insurance Co.D&O Insurance Carrier——Stamford, CT——D&O policy covering PPC directors and officers

[sheet: Transaction Timeline]

DateDay of WeekEvent / MilestoneResponsible PartyStatusNotes / Details
April 17, 2023MondayPPC IPO closing; 180-day lock-up period commencesRidgeline Securities / Broadmark Capital / Morningstar ZanthorCompleteIPO price: $22.00/share; 24M primary shares; $528M gross proceeds; lock-up agreements entered into with all three IPO underwriters
August 22, 2023TuesdayForm S-3 shelf registration statement declared effective by SECPenterra / Calderwood & HarknessCompleteFile No. 333-274851; enables shelf takedown for secondary offering
September 5, 2023TuesdayEngagement opened; matter initiatedCalderwood & Harkness (Jennifer Kwon / Theodore Langston)CompleteEngagement letter executed; conflict check cleared; fee cap: $485,000 plus disbursements
September 8, 2023FridayBoard resolutions adopted by PPC Board of DirectorsPenterra Board / David OrensteinCompleteAuthorizing cooperation with selling-stockholder secondary offering, Underwriting Agreement, prospectus supplement filings, engagement of C&H, and issuer expenses up to $765,000
September 11, 2023MondayConfidential draft prospectus supplement circulated to working groupCalderwood & Harkness (Audrey Zhou)CompleteInitial draft of preliminary prospectus supplement under S-3 shelf; covers 6,250,000 shares by selling stockholders
September 12, 2023TuesdayOrganizational call — all partiesCalderwood & Harkness / Ridgeline SecuritiesCompleteFull working group call; review of timeline, deal structure, lock-up waiver process, and responsibilities
September 14, 2023ThursdayLock-up waiver analysis memorandum circulated internallyCalderwood & Harkness (Audrey Zhou)CompleteAttorney work-product memo analyzing lock-up waiver mechanics, consent requirements of all three IPO underwriters, 14-day notice requirement and waiver thereof
September 18, 2023MondayLock-up waiver request letters sent to IPO syndicatePenterra (David Orenstein) / Calderwood & HarknessCompleteSeparate letters to Ridgeline Securities LLC, Broadmark Capital Inc., and Morningstar Zanthor & Co. requesting early release effective October 12, 2023 (2 days before natural expiry on October 14, 2023)
September 29, 2023FridayAll lock-up waivers received from IPO underwritersRidgeline Securities / Broadmark Capital / Morningstar ZanthorCompleteExecuted consent letters received from all three IPO lock-up parties; 14-day advance notice requirement waived by consent given de minimis 2-day gap
October 2, 2023MondayPreliminary prospectus supplement filed with SECCalderwood & Harkness / Apex Financial PrintingCompleteFiled as supplement to base prospectus under S-3 (File No. 333-274851)
October 3, 2023TuesdayComfort letter request sent to auditorsCalderwood & Harkness (Audrey Zhou) to Graystone & Whitmore (Thomas Reiter)CompleteRequest for comfort letter covering financial statements and data in the prospectus supplement
October 9, 2023MondayRoad show / marketing period beginsRidgeline Securities / Broadmark Capital / Selling StockholdersCompleteThree-day investor marketing; October 9–11, 2023
October 10, 2023TuesdayRoad show — Day 2Ridgeline Securities / Broadmark CapitalCompleteContinued investor meetings
October 11, 2023WednesdayRoad show / marketing period endsRidgeline Securities / Broadmark CapitalCompleteFinal day of marketing; book building
October 12, 2023ThursdayPricing; Underwriting Agreement executed (Signing / Trade Date)All partiesCompletePublic offering price: $41.60/share; 6,250,000 base shares; aggregate deal value: $260,000,000; underwriting discount: 2.50% ($1.04/share); over-allotment option: 937,500 shares (15%); lock-up early release effective this date; selling stockholder POA and custody agreements executed; selling stockholder representation letters delivered; new 90-day lock-up agreements executed
October 12, 2023ThursdayIssuer Free Writing Prospectus (Pricing Term Sheet) filed pursuant to Rule 433Calderwood & Harkness / Apex Financial PrintingCompleteFinal pricing terms: CUSIP 70831X 10 5; Nasdaq: PNTR; settlement T+3 = October 17, 2023
October 12, 2023ThursdayForm 8-K filed (Entry into Underwriting Agreement)Penterra / Calderwood & HarknessCompleteCIK 0001987654; Item 8.01 reporting entry into Underwriting Agreement
October 13, 2023FridaySection 16 Form 4 filings preparedCalderwood & Harkness (Brendan Walsh)CompleteForm 4 filings for Dr. Elena Castellano (3,000,000 shares), Dr. Riccardo Castellano (2,500,000 shares), Dr. Marco Castellano (500,000 shares)
October 14, 2023SaturdayOriginal IPO lock-up expiration date (180 days from April 17, 2023)—N/A — SupersededLock-up was waived effective October 12, 2023 for shares sold in the secondary; 2 days before natural expiry
October 15, 2023SundayBring-down comfort letter request sent to Graystone & WhitmoreCalderwood & HarknessCompleteRequest for bring-down comfort letter dated as of October 17, 2023 (closing date)
October 16, 2023MondayGood standing certificate obtained from Delaware Secretary of StateCalderwood & HarknessCompleteConfirms Penterra Pharmaceuticals Corp. in good standing under Delaware law
October 16, 2023MondayTransfer agent direction letter sent to Pinnacle Trust & Transfer Co.Penterra (David Orenstein)CompleteInstructing book-entry delivery of 6,250,000 shares through DTC for settlement on October 17, 2023
October 17, 2023TuesdaySettlement / Closing (T+3)All partiesCompleteAll closing deliverables received: Officer's Certificate (CEO/CFO), Secretary's Certificate (incumbency, charter, bylaws, resolutions), good standing certificate, C&H legal opinion (signed by Jennifer Kwon), C&H negative assurance (10b-5) letter, comfort letter and bring-down comfort letter from G&W, selling stockholder certificates, DTC settlement of 6,250,000 shares; net proceeds of $253,500,000 wired to selling stockholders; underwriting commissions of $6,500,000 allocated (Ridgeline: $2,925,000 / 45%; Broadmark: $1,950,000 / 30%; Linden Groves: $975,000 / 15%; Harborview: $650,000 / 10%)
October 17, 2023TuesdayFinal prospectus supplement filed pursuant to Rule 424(b)(5)Calderwood & Harkness / Apex Financial PrintingCompleteFiled supplementing base prospectus under S-3 (File No. 333-274851)
October 17, 2023TuesdayClosing confirmation email sent to full working groupCalderwood & Harkness (Audrey Zhou)CompleteConfirming successful closing and settlement; all deliverables received; funds disbursed
October 27, 2023FridayMatter closed / final closingCalderwood & HarknessCompleteClosing binder assembled; all post-closing matters completed
November 11, 2023SaturdayOver-allotment option exercise deadline (30 days post-pricing)Underwriters (Ridgeline / Broadmark)PendingOption to purchase up to 937,500 additional shares at $41.60/share ($38,985,000); maximum total offering ~$299.0M if fully exercised
November 16, 2023ThursdayOver-allotment closing (if exercised)All partiesPendingSettlement of over-allotment shares if option exercised
January 15, 2024MondayNew 90-day secondary lock-up expirationSelling StockholdersFuture90-day lock-up from October 17, 2023 closing; covers all retained shares; in favor of Ridgeline and Broadmark as representatives of underwriters

[sheet: Deal Summary]

ItemDetail
Matter NamePenterra Pharmaceuticals Corp. — Selling-Stockholder Secondary Offering
IssuerPenterra Pharmaceuticals Corp. (Nasdaq: PNTR)
Issuer CIK0001987654
Issuer EIN82-4039571
Issuer Headquarters400 Meridian Parkway, Suite 1200, Princeton, NJ 08540
IncorporationDelaware
DE Registered AgentActionaltional Registered Agents Inc., 251 Little Falls Drive, Wilmington, DE 19808
Offering TypeRegistered selling-stockholder secondary offering (follow-on); no primary shares; PPC receives no proceeds
RegistrationShelf takedown under Form S-3 (File No. 333-274851), declared effective August 22, 2023
Filing RuleProspectus supplement filed pursuant to Rule 424(b)(5)
SecuritiesCommon stock, par value $0.001 per share
CUSIP70831X 10 5
Shares Outstanding120,000,000
Base Shares Offered6,250,000
Public Offering Price$41.60 per share
IPO Price (April 17, 2023)$22.00 per share
Deal Value (Base)$260,000,000 (6,250,000 × $41.60)
Underwriting discount2.50% / $1.04 per share
Total Underwriting Commission (Base)$6,500,000
Net Proceeds to Selling Stockholders (Base)$253,500,000 ($40.56 × 6,250,000)
Over-Allotment Option937,500 shares (15% of base); 30-day option from pricing
Over-Allotment Value (if fully exercised)$38,985,000 (937,500 × $41.60)
Maximum Offering Size~$299.0M ($260.0M + $39.0M)
PPC Approx. Market Cap (9/1/2023)$4.8 billion (~120M shares × ~$40.00)
Current Stock Price (9/5/2023)$41.60/share
Governing LawState of Delaware
Lead ProductNEUVANTA® (tavropitant); FDA-approved February 2023
FY 2022 Revenue$387.4 million
FY 2022 Net Income$42.1 million
H1 2023 Revenue$312.6 million (annualized: ~$625.2M)
H1 2023 Net Income$67.8 million
IPO Lock-Up Period180 days from April 17, 2023; expires October 14, 2023
Lock-Up Early Release DateOctober 12, 2023 (2 days early; requires consent of all three IPO underwriters)
New Secondary Lock-Up90 days from closing (October 17, 2023); expires January 15, 2024
Castellano Family Pre-Offering Holdings40,100,000 shares (~33.4% of outstanding)
Castellano Family Post-Offering Holdings (Base)33,850,000 shares (~28.2%)
Castellano Family Post-Offering Holdings (Full OA)32,912,500 shares (~27.4%)
Public Float Pre-Offering79,900,000 shares
Public Float Post-Offering (Base)86,150,000 shares

[sheet: Selling Stockholder Detail]

Selling StockholderRelationship to PPCShares Pre-Offering% of Outstanding Pre-OfferingBase Shares OfferedOver-Allotment SharesTotal Shares Offered (if full OA)Shares Post-Offering (Base Only)Shares Post-Offering (Full OA)% of Outstanding Post-Offering (Full OA)
Dr. Elena CastellanoCo-Founder, Board Chair1420000011.83%3000000450000345000011200000107500008.96%
Dr. Riccardo CastellanoCo-Founder, Board Member (Non-Executive)1280000010.67%250000037500028750001030000099250008.27%
Dr. Marco CastellanoCEO45000003.75%50000075000575000400000039250003.27%
Castellano Family Holdings LLCFamily Holding Vehicle (Delaware LLC; EIN 87-2165438)86000007.17%25000037500287500835000083125006.93%
TOTAL—4010000033.42%62500009375007187500338500003291250027.43%

[sheet: Underwriting Syndicate & Fees]

UnderwriterRoleAddressKey ContactCommission Allocation %Base Commission AmountPer-Share CommissionBase Shares Allocated
Ridgeline Securities LLCLead Left Book-Runner383 Madison Avenue, New York, NY 10017Jonathan Pryce-Hall (MD); Angela Ferris (VP, Syndicate)45%$2,925,000$1.042812500
Broadmark Capital Inc.Joint Book-Runner200 Park Avenue, New York, NY 10166Samuel Okonkwo (MD)30%$1,950,000$1.041875000
Linden Groves & Co.Co-Manager745 Fifth Avenue, New York, NY 10151—15%$975,000$1.04937500
Harborview Partners LLCCo-Manager1 Federal Street, Boston, MA 02110—10%$650,000$1.04625000
TOTAL———100%$6,500,000$1.046250000

[sheet: Issuer Expenses]

Expense CategoryPayeeAmountNotes
SEC Registration FeeSEC$0Previously paid with S-3 shelf filing (File No. 333-274851)
Nasdaq Listing FeeNasdaq$45,000Supplemental listing application for secondary offering shares
Legal Fees — Issuer's CounselCalderwood & Harkness LLP$485,000Capped fee plus disbursements; billing partner: Theodore Langston; responsible partner: Jennifer Kwon
Accounting / Comfort Letter FeesGraystone & Whitmore LLP$175,000Comfort letter and bring-down comfort letter; engagement partner: Thomas Reiter
Printing ExpensesApex Financial Printing Inc.$35,000Prospectus supplement and EDGAR filing support
MiscellaneousVarious$25,000Courier, filing, transfer agent fees, etc.
TOTAL ISSUER EXPENSES—$765,000PPC bears all offering expenses other than the underwriting discount ($6,500,000), which is borne by the selling stockholders