Waltham, Massachusetts–based Vicarious’ offering includes 45 million shares of its Class A common stock priced at $1 per share. Additionally, the company granted underwriters a 30-day option to purchase up to an additional 6.75 million shares of common stock.
Before deducting discounts, commissions and expenses, Vicarious expects $45 million in proceeds, assuming no exercise of that option. The company expects the offering to close on or about Aug. 7, 2023, subject to customary closing conditions. Morgan Stanley & Co. LLC and Cowen and Company, LLC serve as joint book-running managers for the offering, according to a news release.
The surgical robot developer did not disclose its intended use of the proceeds. Vicarious Surgical’s approach uses proprietary human-like surgical robots. It transports surgeons inside the patient to perform minimally invasive surgery.
This offering marks the latest positive news for Vicarious. The company, despite falling short of Wall Street expectations this past quarter, announced a promising update for its surgical robot last week.
In April, Vicarious completed a design freeze for its Version 1.0 (V1.0) system. Integration and the build of system units remain on track for fall 2023. Having received some input from the FDA, Vicarious Surgical expects to begin first-in-human trials in mid-2024. The company expects to file for de novo clearance in fiscal 2025.
Related: Vicarious Surgical’s robotic arms are destined for the trash — by design
