Business
Harrow Health Announces Closing of $20 Million Aggregate Principal Amount Offering of 8.625% Senior Notes Due 2026
NASHVILLE, Tenn., June 17, 2021 (GLOBE NEWSWIRE) -- Harrow Health, Inc. (NASDAQ: HROW) (“Harrow Health” or the “Company”), an ophthalmic-focused healthcare
About this update from Harrow, Inc.
[{"type":"text","content":"NASHVILLE, Tenn., June 17, 2021 (GLOBE NEWSWIRE) -- Harrow Health, Inc. (NASDAQ: HROW) (“Harrow Health” or the “Company”), an ophthalmic-focused healthcare company, today announced the closing of its underwritten registered public offering of $20 million aggregate principal amount of 8.625% senior notes due 2026 (the “Notes”), which includes the full exercise of the over-allotment option of $2.5 million aggregate principal amount granted to the underwriters. The Notes will be treated as a single series with the Company’s outstanding 8.625% senior notes due 2026 and will trade interchangeably with the existing notes. Harrow Health and this issuance of Notes both received a rating of “BB” from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The Notes will trade on Nasdaq under the symbol “HROWL” following the closing date of this offering. The offering resulted in net proceeds of approximately $19.6 million after deducting underwriting discounts and commission, but before expenses. The Company expects to use the net proceeds of the offering to redeem all outstanding shares of its Series B Cumulative Preferred Stock, with the remaining net proceeds available for general corporate purposes, including funding future strategic product acquisitions and related investments, making capital expenditures and funding working capital. B. Riley Securities, Inc. and Ladenburg Thalmann & Co. Inc. acted as joint book-running managers for this offering. Waller Lansden Dortch & Davis, LLP acted as legal counsel to the Company. Duane Morris LLP acted as legal counsel to the underwriters. The Notes were offered under the Company’s shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (“SEC”) on July 13, 2020. The offering of these Notes was made only by means of a prospectus supplement and accompanying base prospectus, each of which was previously filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus may be obtained on the SEC’s website at www.sec.gov, or by contacting B. Riley Securities by phone at (703) 312-9580, or by emailing [email protected]. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction in whic...