Tactile Systems Technology, Inc. Announces Proposed Public Offering of Common Stock

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, announced today that it intends to offer and sell shares of its common stock in an underwritten public offering. Tactile Medical intends to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the offering at the public offering price, less the underwriting discounts and commissions. All of the shares of common stock to be sold in the proposed offering will be sold by Tactile Medical. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual terms of the offering. The net proceeds of the offering are expected to be used 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. 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 will be made only by means of a preliminary 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 will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. A copy of the preliminary prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained by contacting: William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687, or by email at [email protected]. This press release...

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