IFR International - 21.07.2018

CARBONITE BRINGS BACKUP
FINANCING PLAN

-OREûTHANûSEVENûYEARSûAFTERûITSû)0/ûDATAû
BACKUPûSOFTWAREûPROVIDERûCARBONITE
RETURNEDûWITHûITSûlRSTûREGISTEREDûFOLLOW
ONû
STOCKûSALEûLASTûWEEKûRAISINGû53MûTOû
CUTûDEBTûTAKENûONûTOûPAYûFORûAûKEYû
ACQUISITIONûEARLIERûTHISûYEAR
!FTERûTWOûDAYSûOFûMARKETINGûBarclays,
Jefferies, RBC Capital Markets and StifelûUPSIZEDû
THEûOFFERINGûTOûMû#ARBONITEûSHARESûFROMû
MûATûLAUNCHûANDûPRICEDûTHEûDEALûATû
53ûAûûlLE
TO
OFFERûDISCOUNT
#ARBONITEûSOLDûABOUTûMûPRIMARYûSHARESû
WHILEûCO
FOUNDERû$AVIDû&RIENDûSOLDûNEARLYû
ûSHARESûTOûMOREûTHANûHALVEûHISûSTAKEû
TOûABOUTû
)TûWASû#ARBONITESûlRSTûREGISTEREDû
FOLLOW
ONûSINCEûTHEûCOMPANYûWENTûPUBLICûATû
53ûAûSHAREûINû!UGUSTûûTHOUGHûINû
-ARCHûLASTûYEARûITûRAISEDû53MûVIAûAû
PRIVATEûOFFERINGûOFûCONVERTIBLEûBONDSûPRICEDû
ATûAûûCOUPONûANDûûCONVERSIONû
PREMIUM
!FTERûHITTINGûLOWSûAROUNDûTHEû53û
MARKûINûEARLYûû#ARBONITEûSHARESûHAVEû
SINCEûSOAREDûNEARLYûûTOûTHEû53û
LEVELûJUSTûPRIORûTOûTHEûLATESTûDEAL
4HATûPERFORMANCEûHELPEDûALONGûBYûTHEû
MARKETSûWILLINGNESSûTOûATTACHûBIGû
MULTIPLESûTOûSUBSCRIPTION
BASEDûSOFTWAREû
COMPANIESûOPENEDûUPû#ARBONITESû
FUNDINGûOPTIONS
4HOUGHûTHEûUSEûOFûTHEûPROCEEDSûFORûTHEû
OFFERINGûISûTOûREPAYûDEBTû#ARBONITEûISû
ESSENTIALLYûFUNDINGûITSû53Mû-ARCHû
PURCHASEûOFûONLINEûBACKUPûSERVICEû-OZYû
FROMû$ELLû4ECHNOLOGIES
The decision at that time to draw down
ONûAû53MûCREDITûFACILITYûPROVIDEDûBYû
3ILICONû6ALLEYû"ANKû#ITIZENSû"ANKû(3"#û
"ARCLAYSûANDû7ELLSû&ARGOûANDûWAITûFORûAû
BETTERûTIMEûTOûRAISEûEQUITYûPROVEDûAûGOODû
ONEû3INCEûTHENûTHEûSTOCKûHASûJUMPEDûFROMû
AROUNDûTHEû53ûLEVEL
4HEûOFFERINGûWILLûLEAVEû#ARBONITEûDEBT
FREEûASSUMINGûTHEû#"SûAREûULTIMATELYû
CONVERTEDûINTOûEQUITY
#ARBONITEûSHARESûFELLûûTOû53ûINû
4HURSDAYSûAFTERMARKETûASûINVESTORSû
DIGESTEDûTHEûUPSIZINGûAFTERûTHEûSTOCKSû
STUNNINGûRALLYûINûRECENTûYEARS

EVOLUS INJECTS EQUITY

EVOLUSûISûBACKûONûTRACKûWITHûPLANSûTOûBRINGû
ITSûBIOSIMILARûVERSIONûOFû"OTOXûTOûMARKETû
ANDûWASûLOOKINGûTOûRAISEûNEWûFUNDINGûTHISû
WEEK
Cowen and MizuhoûLAUNCHEDûMARKETINGûONû
MûSHARESûAFTERûTHEûCLOSEûONû-ONDAYûVERSUSû
Aû53ûREFERENCEûPRICEûWITHûPRIMARYû
and secondary sellers contributing an equal
NUMBERûOFûSHARES

4HEûDEALûWASûREDUCEDûINûSIZEûTOûMûSHARESû

ANDûPRICEDûATû53ûAûSHAREûAûûALLûINû

DISCOUNTû%VOLUSûACHIEVEDûITSûFUNDINGûGOALû

BYûSELLINGûMûSHARESûWHILEûFORMERûPARENTû

!LPHAEONûCUTûTHEûSECONDARYûCONTRIBUTIONûTOû

MûSHARES

%VOLUSûTRADEDûHEAVILYûONû4HURSDAYûTOûAû

53ûlNISHûBUTûSTILLûWELLûABOVEûTHEû

53ûPRINTûONûITSû)0/ûINû&EBRUARY

)Nû-AYûJUSTûTHREEûMONTHSûAFTERûTHEû)0/û

%VOLUSûTAPPEDû$AVIDû-OATAZEDIûANDû,AURENû

3ILVERNAILûASû#%/ûANDû#&/û-OATAZEDIûANDû

3ILVERNAILûWEREûRECRUITEDûFROMûRIVALûBOTOXû

MAKERSû!LLERGANûANDû2EVANCEû

4HERAPEUTICS

CARA THERAPEUTICSûRAISEDû53MûOFû

FUNDINGûFORûAûNEWûTYPEûOFûPAINûDRUGûTHATû

MAYûPROVEûTOûBEûSAFERûTHANûTRADITIONALûOPIOIDû

DRUGS

Jefferies, Bank of America Merrill Lynch, Piper

Jaffray and StifeLûPRICEDûMûSHARESûATû

53ûONû7EDNESDAYûAûûALLûINû

DISCOUNT

#ARASûDRUGSûSELECTIVELYûTARGETûRECEPTORSû

FOUNDûWITHINûTHEûCENTRALûNERVOUSûSYSTEMû

#.3    û4HISûISûDIFFERENTûFROMûCURRENTLYû

AVAILABLEûPAINûDRUGSûWHICHûSTIMULATEû

OPIOIDûRECEPTORSûTHATûAREûOUTSIDEûOFûTHEû

#.3

"YûTARGETINGûRECEPTORSûINûTHEû#.3û#ARASû

DRUGSûAREûLESSûLIKELYûTOûTRIGGERûNEGATIVEû#.3

RELATEDûSIDEûEFFECTSûINCLUDINGûEUPHORIAû

which leads to addiction and abuse, and

NAUSEA

#ARAûANNOUNCEDûPOSITIVEûTOPûLINEûRESULTSû

FROMûAû0HASEû)))))ûTRIALûOFûONEûOFûITSûDRUGSûINû

PATIENTSûUNDERGOINGûABDOMINALûSURGERIESû

LASTûMONTHû0ROCEEDSûWILLûALLOWû#ARAûTOû

COMPLETEûTHEû0HASEû)))ûTRIAL

LAST PRE-HOLIDAY IPOs QUEUE UP

!NOTHERûCLUTCHûOFûCOMPANIESûlLEDûFORû

)0/SûINûTHEûPASTûWEEKûPUTTINGûTHEMûONû

TRACKûTOûPOTENTIALLYûGOûPUBLICûBEFOREûTHEû

MID

!UGUSTûSUMMERûBREAK

2EGIONALûAIRLINEûMESA AIRûISûLOOKINGûTOû

RAISEû53MûFROMûAû.ASDAQû)0/ûTOûBEûLEDû

by Raymond James and Bank of America Merrill

Lynch

4HEûAIRLINEûlRSTûlLEDûCONlDENTIALLYûONû

-AYûûBEFOREûMAKINGûITSûPUBLICûlLINGûONû

*ULYûû4HISûPOSITIONSûTHEûCOMPANYûTOû

LAUNCHûTHEûDEALûASûEARLYûASûTHEûWEEKû

BEGINNINGû*ULYûûANDûDEBUTûINûEARLYû

!UGUST

-ESAûALREADYûHASûAûGOODûSPREADûOFû

STRATEGICûANDûINSTITUTIONALûINVESTORSû

INCLUDINGû!MERICANû!IRLINESû#ORREû&UNDSû

#ITIGROUPûANDû-ARBLEGATEû!SSETû

-ANAGEMENT

)TSûSHAREHOLDERûBASEûREmECTSûTHEûPROCESSû

THATûSAWûTHEûCOMPANYûEMERGEûFROMû

#HAPTERûûBANKRUPTCYûINûûAûRESULTûOFû

HIGHERûFUELûPRICESûMAKINGûITSû

SEATû#2*

ûAIRCRAFTûUNECONOMICûFORûMAJORû

AIRLINESûTOûmYûWHENûCAPACITYûPURCHASEû

AGREEMENTSûCAMEûUPûFORûRENEWAL

$ESPITEûINVESTORSûHISTORICALLYûJAUNDICEDû

VIEWûOFûAIRLINESû-ESASûmEETûOFûû

AIRCRAFTûMAKESûMONEYû!ROUNDûûAIRCRAFTû

AREûOPERATEDûUNDERûCAPACITYûPURCHASEû

AGREEMENTSûWITHû!MERICANû!IRLINESûANDû

ûWITHû5NITEDû!IRLINES

-ESAûPROVIDESûSERVICESûTOûûCITIESûINû

ûSTATESûTHEû$ISTRICTûOFû#OLUMBIAû

#ANADAû-EXICOûANDûTHEû"AHAMASûWITHûALLû

mIGHTSûOPERATEDûASûEITHERû!MERICANû%AGLEû

ORû5NITEDû%XPRESSûmIGHTSûUNDERûRESPECTIVEû

AGREEMENTSûWITHû!MERICANûANDû5NITED

)NûTHEûSIXûMONTHSûENDEDû-ARCHûû

ûTHEûAIRLINEûPOSTEDûNETûINCOMEûOFû

53MûFROMûSALESûOFû53MûANDû

%BITDARû%BITDAûPLUSûAIRCRAFTûRENT  ûOFû

53M

-ESAûGOESûINTOûTHEû)0/ûCARRYINGûAûHEFTYû

53MûOFûLONG

TERMûDEBTûTHOUGHûTHISû

ISûMAINLYûRELATEDûTOûTHEûlNANCINGûOFû

AIRCRAFT

!LSOûlLINGûPUBLICLYûONû*ULYûûUROVANT

SCIENCESûTHEûDEVELOPERûOFûAûDRUGûFORû

OVERACTIVEûBLADDERûANDûPARTûOFû6IVEKû

2AMASWAMYSû2OIVANTû3CIENCESûEMPIREûISû

READYINGûAû53Mû)0/ûLEDûBYûJP Morgan,

Jefferies and Cowen

5ROVANTûHASûANûEXCLUSIVEûLICENCEûFROMû

-ERCKûTOûCOMMERCIALISEûAûORALûUROLOGICû

DRUGûCALLEDûVIBEGRONûOUTSIDEû*APANûANDû

CERTAINûOTHERû!SIANûTERRITORIES

2OIVANTûWHICHûSPECIALISESûINûBUYINGû

DRUGSûCASTûOFFûBYûBIGûPHARMAûHASûHADû

MIXEDûSUCCESSûWITHûITSûPREVIOUSû)0/Sû

!XOVANTû3CIENCESûANDû-YOVANTû3CIENCES

/THERû2OIVANTûSUBSIDIARIESûINCLUDEû

$ERMAVANTûALSOûINûTHEûNEWSûTHISûWEEK   û

%NZYVANTû'ENEVANTû-ETAVANTû!RBUTUSû

ANDû$ATAVANT

PACIFIC CITY FINANCIALûANû,!

HEADQUARTEREDûCOMMERCIALûBANKûWITHû

TOTALûASSETSûOFû53BNûlLEDûFORûAû

53Mû.ASDAQû)0/ûONû*ULYû

0ACIlCû#ITYûWHICHûMAINLYûSERVESû

+OREAN

!MERICANûCOMMUNITIESû

PREVIOUSLYûlLEDûCONlDENTIALLYûONû!PRILû

Keefe Bruyette & Woods, Raymond James

and Sandler O’Neill + Partners are listed as

JOINTûBOOKRUNNERS

&OUNDEDûINûûTHEûBANKûHASûûFULL

SERVICEûBRANCHESûûOFûWHICHûAREûINû

#ALIFORNIAûANDûONEûEACHûINû.EWû9ORKûANDû

.EWû*ERSEY

4HEû)0/ûPROCEEDSûWILLûHELPûFUNDûORGANICû

GROWTH

RA MEDICAL SYSTEMSûWHICHûDEVELOPSû

LASERSûUSEDûTOûTREATûVASCULARûANDû

DERMATOLOGICALûDISEASESûlLEDûONû*ULYûû

FORûANû53Mû.93%û)0/

Piper Jaffray and Cantor Fitzgerald are

JOINTûBOOKRUNNERS

2AûlRSTûlLEDûCONlDENTIALLYûONû-AYû

EQUITIES AMERICAS