Alphatec (NSDQ:ATEC) announced that it priced an underwritten public offering worth approximately $100 million.
Carlsbad, Calif.-based Alphatec is offering more than 11.4 million shares of its common stock at a public offering price of $8.75 per share to total about $100 million, according to a news release.
The spine surgery solution developer also granted underwriters a 30-day option to purchase up to an additional 1.7 million shares of common stock at the public offering price.
All shares in the offering are to be sold by the company, which expects the offering to close on Oct. 16, 2020, subject to customary closing conditions.
Morgan Stanley and Cowen are acting as joint book-running managers in the offering. Canaccord Genuity is acting as lead manager in the offering, with Lake Street Capital Markets and Northland Capital Markets acting as co-managers.
Alphatec did not disclose an intended use of proceeds from the offering. The company develops the SafeOp neural informatix system for safely and reproducibly treating the spine’s various pathologies.