Silk Road Medical Prices Public Offering Of About 2.33 Mln Shares At $43.00/shr

(RTTNews) - Silk Road Medical Inc. (SILK) said that it has priced an underwritten public offering of about 2.33 million shares of its common stock at a public offering price of $43.00 per share, before deducting underwriting discounts and commissions.

In addition, Silk Road Medical has granted the underwriters a 30-day option to purchase up to an additional 348,837 shares of common stock at the public offering price, less the underwriting discounts and commissions.

The company expects gross proceeds from the offering to be approximately $100.0 million. The offering is expected to close on October 21, 2022.

The company plans to use the net proceeds from the offering to expand its sales force and operations, increase its research and development activities, conduct or sponsor clinical studies and trials, lease new facilities, expand internationally, and to provide for working capital and other general corporate purposes.

The company may use a portion of the net proceeds to repay debt or acquire or license complementary products, technologies, intellectual property or businesses; however, the company currently does not have any agreements or commitments to complete any such transactions and is not involved in negotiations regarding such transactions.