According to a news release, the 3.35 million total shares of the Exeter, N.H.-based respiratory distress treatment developer will be sold at price of $26 per share. In addition, underwriters were granted 30-day option to purchase up to an additional 502,500 shares at the public offering price.
All of the shares included in the offering are being offered by VapoTherm, the maker of the HiVNI mask-free noninvasive ventilatory support technology. The company expects the offering to close on May 11, 2020.
VapoTherm intends to use the net proceeds, which, if all options are exercised, could total nearly than $100.2 million, to hire additional sales and marketing personnel with eyes on expanding marketing programs. Other uses include investments in production capabilities, product development/R&D and for working capital and other general corporate purposes.
BofA Securities and William Blair are acting as joint book-running managers for the offering. Canaccord Genuity is acting as lead manager and BTIG is acting as co-manager.