SeaSpine (NSDQ:SPNE) announced that it priced an underwritten public offering worth proceeds of approximately $87.8 million.
Carlsbad, Calif.-based SeaSpine is offering 4.5 million shares of its common stock at a public offering price of $19.50 per share, leading to the $87.8 million expected in proceeds before deducting discounts, commissions and other expenses, according to a news release.
The company also granted underwriters a 30-day option to purchase up to an additional 675,000 shares at the public offering price. The offering is expected to close on or about April 20, 2021.
SeaSpine plans to use the proceeds from the offering, along with existing cash and cash equivalents, to finance the cash consideration of $27.5 million for its $110 million acquisition of 7D Surgical, which the company announced last month. The offering is not conditioned upon the closing of the acquisition.
Other uses for the proceeds include working capital nad other general corporate purposes, including potential acquisitions or investments in complementary businesses, technologies or assets, although the company has no present commitments or agreements to do so.
Piper Sandler & Co., Canaccord Genuity and Stifel are acting as joint book-running managers, Truist Securities, Inc. is acting as lead manager and BTIG, Cantor Fitzgerald & Co. and Ladenburg Thalmann & Co. are acting as co-managers for the offering.