Butterfly Network (NYSE: BFLY) has been expecting gross proceeds of $76.6 million from a public offering slated to close today.
The handheld ultrasound company announced Jan. 29 that it was offering 24 million shares of its Class A common stock a public offering price of $3.15 per share.
While down nearly 1.5% today, BFLY shares are up more than 6% for the week, trading at more than $4 today.
Butterfly Network planned to use the offering’s net proceeds to support the development and commercialization of new and existing products and services, as well as for general corporate purposes.
The company announced on Jan. 8 that it expected to report Q4 revenue growth of 35%. CEO Joseph DeVivo said at the time: “Our preliminary unaudited results show we exceeded expectations again, with our growth rate accelerating throughout the year. This kind of performance doesn’t happen by chance; it’s the result of relentless execution, exceptional products, and a team that’s nothing short of extraordinary.”
