Insulin management technology developer Insulet (NSDQ:PODD) announced that it priced a $500 million common stock offering.
The Acton, Mass.-based company set the price of its common stock at $211 per share, with more than 2.3 million shares set to be sold. Insulet also granted underwriters a 30-day option to purchase up to 355,450 additional shares.
Morgan Stanley and J.P. Morgan are listed as the joint book-running managers for the offering, according to a news release from Insulet.
Insulet intends to use the net proceeds collected from the offering for general corporate purposes. In its recent earnings report, the company noted that 61.4% gross margin was down 280 points, with an approximately 160-basis point impact from the COVID-19 pandemic and its related safety and mitigation costs.