As filed with the Securities and Exchange Commission on November 26, 2018
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Twist Bioscience Corporation
(Exact name of registrant as specified in charter)
Delaware | 46-2058888 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
455 Mission Bay Boulevard South
San Francisco, CA 94158
(800) 719-0671
(Address, including zip code, and telephone number, including area code, of registrants principal executive offices)
Twist Bioscience Corporation
2018 Employee Stock Purchase Plan
(Full title of the plan)
Mark Daniels, Esq.
Twist Bioscience Corporation
455 Mission Bay Boulevard South
San Francisco, CA 94158
(800) 719-0671
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copy to:
John Bautista, Esq.
Andrew Thorpe, Esq.
Orrick, Herrington & Sutcliffe LLP
1000 Marsh Road
Menlo Park, California 94025
(650) 614-7400
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | |||
Emerging growth company | ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒
CALCULATION OF REGISTRATION FEE
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Title of Securities to Be Registered |
Amount to be
Registered (1) |
Proposed Maximum
Per Share |
Proposed Maximum
Offering Price |
Amount of Registration Fee |
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Common Stock, $0.00001 par value per share |
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To be issued under the Twist Bioscience Corporation 2018 Employee Stock Purchase Plan (the ESPP) pursuant to future awards under the 2018 Plan |
275,225 (2) | $22.89 (3) | $6,299,900.25 | $763.55 | ||||
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(1) |
Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the Securities Act), this registration statement on Form S-8 (the Registration Statement) shall also cover any additional shares of common stock (Common Stock) of Twist Bioscience Corporation (the Registrant) that become issuable under the ESPP by reason of any stock dividend, stock split, recapitalization or other similar transaction. |
(2) |
Represents 275,225 shares of Common Stock remaining available for issuance pursuant to future awards under the ESPP. The ESPP also provides that the number of shares reserved for issuance under the ESPP will be automatically increased on the first day of each fiscal year, starting in fiscal year 2019, by a number of shares that does not exceed the lesser of (i) 249,470 shares of Common Stock, (ii) 1% of the total number of shares of Common Stock outstanding at that time or (iii) such number of shares as determined by the Registrants board of directors. |
(3) |
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h) of the Securities Act. The proposed maximum offering price per share is equal to 85% of $26.93, the average of the high sales price ($29.2088) and the low sales price ($24.6422) for the Common Stock as reported on The Nasdaq Global Select Market on November 16, 2018. |
PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
The documents containing the information specified in this Part I will be delivered to the participants in the ESPP covered by this Registration Statement as required by Rule 428(b)(1) of the Securities Act. Such documents are not required to be filed with the Commission as part of this Registration Statement.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The Registrant hereby incorporates by reference into this Registration Statement the following documents previously filed with the Commission:
(a) |
The Registrants Prospectus dated October 30, 2018 and filed with the Commission on November 1, 2018, pursuant to Rule 424(b) under the Securities Act, relating to the Registration Statement on Form S-1, as amended (File No. 333-227672), which contains audited consolidated financial statements for the Registrants latest fiscal year for which such statements have been filed; |
(b) |
The Registrants Current Report on Form 8-K filed on November 2, 2018 (File No. 001-38720); and |
(c) |
The description of the Registrants Common Stock contained in the Registrants registration statement on Form 8-A, dated October 25, 2018 (File No. 001-38720), and any other amendment or report filed for the purpose of updating such description. |
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act), shall be deemed incorporated by reference in this Registration Statement and to be a part hereof from the date of filing such documents until a post-effective amendment of this Registration Statement is filed which indicates that all securities being offered hereby have been sold or which deregisters all securities then remaining unsold.
Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in a subsequently filed document which is also incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities
Not applicable.
Item 5. Interests of Named Experts and Counsel
Orrick, Herrington & Sutcliffe LLP and certain attorneys and investment funds affiliated with the firm own 38,041 shares of Common Stock.
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Item 6. Indemnification of Directors and Officers
The Registrants amended and restated certificate of incorporation contain provisions that limit the liability of its directors for monetary damages to the fullest extent permitted by Delaware law. Consequently, the Registrants directors will not be personally liable to the Registrant or its stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for the following:
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any breach of their duty of loyalty to the Registrant or its stockholders; |
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any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; |
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unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporate Law (the DGCL); or |
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any transaction from which they derived an improper personal benefit. |
The Registrants amended and restated bylaws provide that the Registrant will indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit or proceeding, by reason of the fact that he or she is or was one of the Registrants directors or officers or is or was serving at the Registrants request as a director or officer of another corporation, partnership, joint venture, trust or other enterprise. The Registrants amended and restated bylaws provide that the Registrant may indemnify to the fullest extent permitted by law any person who is or was a party or is threatened to be made a party to any action, suit or proceeding, by reason of the fact that he or she is or was one of the Registrants employees or agents or is or was serving at the Registrants request as an employee or agent of another corporation, partnership, joint venture, trust or other enterprise. The Registrants amended and restated bylaws also provides that the Registrant must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to very limited exceptions.
The Registrant has also obtained insurance policies under which, subject to the limitations of the policies, coverage is provided to (i) the Registrants directors and officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or officer, including claims relating to public securities matters, and (ii) the Registrant with respect to payments that may be made by the Registrant to these officers and directors pursuant to the Registrants indemnification obligations or otherwise as a matter of law.
The Registrant has also entered into indemnification agreements with each of its directors and executive officers that may be broader than the specific indemnification provisions contained in the DGCL. These indemnification agreements may require the Registrant, among other things, to indemnify the Registrants directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements may also require the Registrant to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit or proceeding.
In addition, the underwriting agreement between the Registrant and the underwriters that was executed in connection with the Registrants initial public offering provides for indemnification by the underwriters of the Registrant and its officers, directors and employees for certain liabilities arising under the Securities Act, or otherwise.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
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Item 9. Undertakings.
(a) The Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement;
(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.
Provided , however , that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrants annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
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Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Francisco, State of California, on November 26, 2018.
Twist Bioscience Corporation |
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By | /s/ Emily M. Leproust | |
Emily M. Leproust Chief Executive Officer and President |
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Emily M. Leproust, James M. Thorburn and Mark Daniels each of them with power to act alone, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments of this registration statement, including post-effective amendments, and to file the same, together with exhibits thereto, and other documents in connection therewith, with the Commission, granting unto such attorney-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises hereof, as fully to all intents and purposes as he or she might do or could do in person, thereby ratifying and confirming all that said attorney-in-fact or his or her substitutes may lawfully do or cause to be done by virtue hereof
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on November 26, 2018.
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
Signature |
Title |
Date |
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/s/ Emily M. Leproust Emily M. Leproust |
President and Chief Executive Officer and Director (Principal Executive Officer) |
November 26, 2018 | ||
/s/ James M. Thorburn James M. Thorburn |
Chief Financial Officer (Principal Financial and Accounting Officer) |
November 26, 2018 | ||
/s/ William Banyai William Banyai |
Director | November 26, 2018 | ||
/s/ Robert Chess Robert Chess |
Director | November 26, 2018 | ||
/s/ Paul A. Conley Paul A. Conley |
Director | November 26, 2018 | ||
/s/ Keith Crandell Keith Crandell |
Director | November 26, 2018 | ||
/s/ Fredrick Craves Fredrick Craves |
Director | November 26, 2018 | ||
/s/ Jan Johannessen Jan Johannessen |
Director | November 26, 2018 | ||
/s/ Xiaoying Mai Xiaoying Mai |
Director | November 26, 2018 | ||
/s/ Robert Ragusa Robert Ragusa |
Director | November 26, 2018 |
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Exhibit 5.1
Orrick, Herrington & Sutcliffe LLP
The Orrick Building 405 Howard Street San Francisco, CA 94105-2669
+1-415-773-5700
orrick.com |
November 26, 2018
Twist Bioscience Corporation
455 Mission Bay Boulevard South
San Francisco, CA 94158
Re: |
Registration Statement on Form S-8 |
Ladies and Gentlemen:
We have acted as counsel for Twist Bioscience Corporation, a Delaware corporation (the Company), in connection with the preparation and filing with the Securities and Exchange Commission (the Commission) of the Companys registration statement on Form S-8 (the Registration Statement), under the Securities Act of 1933, as amended (the Securities Act), relating to the registration of 275,225 shares of the Companys common stock (Shares), $0.00001 par value per Share, remaining available for issuance pursuant to future awards under the Companys 2018 Employee Stock Purchase Plan (the ESPP). As your legal counsel, we have reviewed the actions proposed to be taken by you in connection with the issuance and sale of the Shares to be issued under the ESPP.
In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of (i) the Amended and Restated Certificate of Incorporation (the Certificate), (ii) the Amended and Restated Bylaws of the Company, (iii) the ESPP, and (iv) such corporate records, agreements, documents and other instruments, and such certificates or comparable documents of public officials and of officers and representatives of the Company, and have made such inquiries of such officers and representatives, as we have deemed relevant and necessary or appropriate as a basis for the opinion set forth below.
In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photostatic copies, and the authenticity of the originals of such copies. In making our examination of documents executed or to be executed, we have assumed that the parties thereto, other than the Company, had or will have the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other, and the execution and delivery by such parties of such documents and the validity and binding effect thereof on such parties. As to any facts material to the opinions expressed herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Company and others and of public officials.
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November 26, 2018
Page 2
Based on the foregoing and subject to the limitations, qualifications and assumptions set forth herein, we are of the opinion that upon the effectiveness of the Certificate, the Shares to be issued pursuant to the terms of the ESPP have been duly authorized and, when issued, delivered and paid for in accordance with the terms of the ESPP, will be validly issued, fully paid and non-assessable.
The opinion expressed herein is limited to the corporate laws of the State of Delaware and the federal laws of the United States of America, and we express no opinion as to the effect on the matters covered by this letter of the laws of any other jurisdictions.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not hereby admit that we are included in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.
Very truly yours,
/S/ ORRICK, HERRINGTON & SUTCLIFFE LLP
ORRICK, HERRINGTON & SUTCLIFFE LLP
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Twist Bioscience Corporation of our report dated February 8, 2018, except for the effects of the change in the manner in which the Company accounts for revenue from contracts with customers as discussed in Note 2 to the consolidated financial statements, as to which the date is September 11, 2018, and except for the effects of the reverse stock split as discussed in Note 2 to the consolidated financial statements, as to which the date is October 17, 2018, relating to the financial statements, which appears in Twist Bioscience Corporations Amendment No. 3 to the Registration Statement on Form S-1 (No. 333-227672).
/s/ PricewaterhouseCoopers LLP
San Jose, California
November 26, 2018