Cardiovascular Systems’ offering nabs $143.7m

Cardiovascular Systems (NSDQ:CSII) announced today that underwriters fully exercised their option in an offering, leading to proceeds of $143.7 million.
Last week, the St. Paul, Minn.-based company commenced an underwritten public offering of common stock shares worth $125 million. The offering included a 30-day option to purchase up to an additional 15% of the shares being offered.
Today’s announcement shared that, in total, the company added 551,470 shares sold along with the nearly 3.7 million originally offered. The shares of common stock were sold to the public at $34 per share and the offering closed on June 12, two days after Cardiovascular Systems commenced it. The gross proceeds totaled approximately $143.7, before deducting underwriting discounts and commissions and offering expenses.
Cardiovascular Systems said it plans to use the proceeds for working capital and general corporate purposes, which may include the expansion of marketing programs, international expansion, new product development, clinical studies and publications, investments, acquisitions or general working capital needs.
Barclays and SVB Leerink were the joint book-running managers for the offering. Guggenheim Securities and Stifel acted as co-managers.
Original Article: (https://www.massdevice.com/cardiovascular-systems-offering-nabs-143-7m/)