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OrthoPediatrics Corp. Announces Pricing of $125 Million Public Offering of Common Stock and Pre-Funded Warrants
WARSAW, Ind., Aug. 11, 2022 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (Nasdaq: KIDS), a company focused exclusively on
About this update from Orthopediatrics Corp.
[{"type":"text","content":"WARSAW, Ind., Aug. 11, 2022 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (“OrthoPediatrics” or the “Company”) (Nasdaq: KIDS), a company focused exclusively on advancing the field of pediatric orthopedics, today announced the pricing of its previously announced underwritten public offering of 750,000 shares of its common stock and, in lieu of common stock to Squadron Capital LLC (“Squadron”), pre-funded warrants to purchase up to 1,525,000 shares of common stock . The shares of common stock are being offered at a public offering price of $55.00 per share and the pre-funded warrants are being offered at a price of $54.99975 per pre-funded warrant. The pre-funded warrants have an exercise price of $0.00025 per share. The gross proceeds of the offering to OrthoPediatrics, before deducting the underwriting discounts and commissions and other offering expenses payable by OrthoPediatrics, are expected to be approximately $125 million. In addition, OrthoPediatrics has granted the underwriters a 30-day option to purchase up to an additional 341,250 shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about August 15, 2022, subject to the satisfaction of customary closing conditions. Squadron, the Company’s largest investor, beneficially owns shares of the Company’s common stock with a value in excess of the notification threshold of the Hart-Scott-Rodino Antitrust Improvements Act (“HSR Act”). Once certain HSR Act limitations are satisfied, the pre-funded warrants will be immediately exercised pursuant to their terms. Piper Sandler and Stifel are acting as lead bookrunning managers for the offering. OrthoPediatrics intends to use the net proceeds from this offering to invest in implant and instrument sets for consignment to their customers, to repay long-term debt payable to Squadron, to fund research and development activities, to expand their sales and marketing programs and for working capital and general corporate purposes. The securities described above are being offered pursuant to a shelf registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”) that became effective on March 27, 2020. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of an effective registratio...