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Home » TransEnterix seeks to raise $20.3m

TransEnterix seeks to raise $20.3m

September 5, 2019 By Nancy Crotti

TransEnterixTransEnterix-logo (NYSE:TRXC) said that it has priced a public offering of 28 million shares of its common stock for gross proceeds of approximately $20.3 million.

The Research Triangle Park, N.C.-based company also granted the underwriter a 30-day option to purchase approximately $3 million in additional shares of common stock. TransEnterix intends to use the net proceeds for general corporate purposes, including working capital.

TransEnterix said it will sell the shares itself in one or more transactions, at negotiated prices or prevailing market prices. Cantor Fitzgerald & Co. acted as sole book-running manager for the offering.

TXRC shares were selling at $0.76 apiece this afternoon, down from yesterday’s closing price of $0.895 per share. The offering is expected to close on September 9, 2019.

TransEnterix stock dropped by 33% in early August after the company posted second-quarter losses of $20.1 million, or -10¢ per share, on sales of $3.64 million for the three months ended June 30, 2019. Adjusted to exclude one-time items, losses per share were -9¢, behind the -8¢ consensus on Wall Street where analysts expected to see sales of $5.8 million.

Filed Under: Business/Financial News, Digital Health, Featured, Funding Roundup, News Well, Surgical, Wall Street Beat Tagged With: TransEnterix

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