Business
Harrow Prices $60 Million Public Offering of Common Stock
NASHVILLE, Tenn.--(BUSINESS WIRE)-- Harrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, today announced that it priced an underwritten
About this update from Harrow, Inc.
[{"type":"text","content":" NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHarrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, today announced that it priced an underwritten registered public offering of 3,380,282 shares of its common stock at a price of $17.75 per share for aggregate gross proceeds of $60 million. The offering is expected to close on or about July 21, 2023, subject to customary closing conditions. Harrow also announced that it had granted the underwriters a 30‑day option to purchase an additional 507,042 shares of its common stock in connection with the offering.\n\n\nThe Company expects to use the net proceeds from the sale of the common stock to fund the initial amount payable for an acquisition, 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 and other cash needs, including tax withholding obligations in connection with the settlement of outstanding equity awards vesting as a result of the achievement of stock price targets.\n\n\nB. Riley Securities is acting as sole book-running manager for this offering. Lake Street is acting as lead-manager and Ladenburg Thalmann & Co. Inc. is acting as co‑manager for this offering.\n\n\nThe common stock in this offering is being offered by Harrow under its shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (the “SEC”) on June 6, 2022. A prospectus supplement and accompanying base prospectus relating to this offering will be 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].\n\n\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.\n\n\nAbout Harrow\n\n\nHarrow Health, Inc. (Nasdaq: HROW) is a leading U.S. eyecare pharmaceutical company engaged in the discovery, development, and commercialization of innovative ophthalmic prescription therapies that are accessible and affordable. Harrow owns U.S. co...