Stock Alert: OtrhoPediatrics Down 5% After Equity Offering

(RTTNews) - Shares of Warsaw, Indiana-based medical device company OrthoPediatrics Corp. (KIDS) are losing almost 5 percent or $2.37 in Thursday's morning trade at $47.30. The stock has traded in a range of $28.19 to $51.48 in the past 52 weeks.

Thursday, the company said it priced an underwritten public offering of 1.60 million common shares at $47.00 per share. OrthoPediatrics intends to use the proceeds for its working capital requirement, and investment in implant and instrument sets for consignment to its customers, among others.

The offering is expected to close on or around June 22, 2020. OrthoPediatrics has granted the underwriters a 30-day option to purchase up to an additional 240,000 shares at the public offering price, less the underwriting discounts and commissions.