Silk Road Medical, Inc. (NASDAQ:SILK) today announced the pricing of an underwritten public offering of 2,325,582 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 gross proceeds from the offering to Silk Road Medical are expected to be approximately $100.0 million. The offering is expected to close on October 21, 2022, subject to the satisfaction of customary closing conditions.
Silk Road Medical intends to use the net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by Silk Road Medical, 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. Silk Road Medical may use a portion of the net proceeds to repay debt or acquire or license complementary products, technologies, intellectual property or businesses; however, Silk Road Medical currently does not have any agreements or commitments to complete any such transactions and is not involved in negotiations regarding such transactions.Â
J.P. Morgan and BofA Securities are acting as joint book-running managers of the offering. Stifel is also acting as book-running manager, and Wolfe Capital Markets and Advisory is acting as co-manager.
