Proceeds to be used for feasibility study, general corporate purposes
By Devika Patel
Knoxville, Tenn., Jan. 29 – Neovasc Inc. said it priced a $63.56 million public offering of stock with an $11.32 million greenshoe. The deal was announced Monday and will be conducted alongside an $11.94 million secondary sale.
The company will sell 8.84 million common shares at $7.19 per share, and the selling stockholders will sell 1.66 million shares at the same price. The price per share is identical to the Jan. 28 closing share price.
Leerink Partners LLC is the bookrunning manager.
Settlement is expected Feb. 3.
Proceeds will be used to complete the Tiara-I feasibility study, initiate a U.S. Investigational Device Exemption Study for Tiara, develop and refine Tiara, commercialize Reducer in Europe and initiate a U.S. Investigational Device Exemption Study for Reducer as well as for general corporate purposes.
Neovasc is a Richmond, B.C.-based medical device company.
| Issuer: | Neovasc Inc.
|
| Issue: | Common stock
|
| Amount: | $63,559,600
|
| Greenshoe: | $11,324,250
|
| Shares: | 8.84 million
|
| Price: | $7.19
|
| Warrants: | No
|
| Bookrunner: | Leerink Partners LLC
|
| Co-lead managers: | Canaccord Genuity Inc. and JMP Securities LLC
|
| Co-manager: | Ladenburg Thalmann & Co. Inc.
|
| Announcement date: | Jan. 26
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 3
|
| Stock symbol: | Nasdaq: NVCN
|
| Stock price: | $7.19 at close Jan. 28
|
| Market capitalization: | $438.65 million
|
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