CHF Solutions (NSDQ:CHFS) announced today that it priced an underwritten public offering of common stock worth $18.1 million.
Eden Prairie, Minn.-based CHF Solutions is offering more than 3.3 million shares of its common stock to the public at $5.50 per share, totaling the $18.1 million expected in proceeds before deducting underwriting discounts and commissions and offering expenses payable by the company, according to a news release.
CHF Solutions also granted underwriters an option, exercisable in whole or in part for 45 days, to purchase up to an additional 495,106 shares at the public offering price.
The company expects the offering to close on or about March 19, with the proceeds earmarked for general corporate purposes, including investment in commercialization efforts. CHF Solutions develops the Aquadex SmartFlow consoles for removing excess fluid from patients suffering from hypervolemia (fluid overload).
Ladenburg Thalmann & Co. is acting as sole book-running manager in connection with the offering. Lake Street Capital Markets is acting as lead manager for the offering.