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Tactile Systems Technology, Inc. Announces Pricing of $32.5 Million Public Offering of Common Stock
MINNEAPOLIS, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical technology company focused on
About this update from Tactile Systems Technology, Inc.
[{"type":"text","content":"MINNEAPOLIS, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Tactile Systems Technology, Inc. (“Tactile Medical”) (Nasdaq: TCMD), a medical technology company focused on developing medical devices for the treatment of patients with underserved chronic diseases at home, today announced the pricing of an underwritten public offering of 2,500,000 shares of its common stock at a price to the public of $13.00 per share. The gross proceeds to Tactile Medical from the offering, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be $32.5 million. Additionally, Tactile Medical has granted the underwriter a 30-day option to purchase up to an additional 375,000 shares of its common stock at the public offering price, less the underwriting discounts and commissions. Tactile Medical anticipates using the net proceeds from the offering to (i) expand commercial activities, (ii) fund milestone payments, (iii) support new product development, (iv) broaden reimbursement coverage for Tactile Medical’s patient population, (v) fund potential acquisitions and (vi) provide working capital and for other general corporate purposes, which may include general debt reduction. All of the shares are being offered by Tactile Medical, and the offering is expected to close on or about February 28, 2023, subject to customary closing conditions. William Blair & Company, L.L.C. is acting as sole book-running manager for the offering. The shares are being offered by Tactile Medical pursuant to a shelf registration statement on Form S-3 (Registration No. 333-269287) that was initially filed with the Securities and Exchange Commission (“SEC”) on January 18, 2023 and declared effective by the SEC on January 25, 2023. The offering is being made by means of a prospectus supplement and accompanying prospectus that form part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to, and describing the terms of, the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained by contacting: William Blair & Company, L.L...