Alphatec (NSDQ:ATEC) today priced a stock offering worth north of $50 million for its line of spine implants.
The Carlsbad, Calif.-based company said it plans to float 10.9 million shares at $4.60 apiece, for gross proceeds of $50.1 million. That number could rise to $57.7 million if the flotation’s underwriters fully exercise their over-allotment option for another 1.6 million shares, Alphatec said.
The proceeds are earmarked for general corporate purposes, the company said, including “possible investments in or acquisitions of complementary businesses, products, or technologies,” although no such deals are in the works.
Piper Jaffray and Canaccord Genuity are joint book-runners in the offering, with Lake Street Capital Markets as co-manager.
