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PROCEPT BioRobotics (NASDAQ: PRCT) has announced the pricing of its public offering of 1,923,076 shares of common stock at $91.00 per share, aiming to raise approximately $175 million in gross proceeds. A selling stockholder has granted underwriters a 30-day option to purchase up to an additional 288,461 shares. The offering, expected to close around October 31, 2024, is being managed by BofA Securities, Piper Sandler, and Morgan Stanley. The company will not receive proceeds from shares sold by the selling stockholder.
PROCEPT BioRobotics (NASDAQ: PRCT) ha annunciato il prezzo della sua offerta pubblica di 1.923.076 azioni di azioni ordinarie a 91,00$ per azione, con l’obiettivo di raccogliere circa 175 milioni di dollari in proventi lordi. Un azionista venditore ha concesso agli underwriting un’opzione di acquisto di ulteriori 288.461 azioni entro 30 giorni. L’offerta, prevista per la chiusura intorno al 31 ottobre 2024, è gestita da BofA Securities, Piper Sandler e Morgan Stanley. La società non riceverà proventi dalle azioni vendute dall’azionista venditore.
PROCEPT BioRobotics (NASDAQ: PRCT) ha anunciado el precio de su oferta pública de 1,923,076 acciones de acciones ordinarias a 91,00$ por acción, con el objetivo de recaudar aproximadamente 175 millones de dólares en ingresos brutos. Un accionista vendedor ha otorgado a los suscriptores una opción de 30 días para comprar hasta 288,461 acciones adicionales. Se espera que la oferta se cierre alrededor del 31 de octubre de 2024 y está siendo gestionada por BofA Securities, Piper Sandler y Morgan Stanley. La empresa no recibirá ingresos de las acciones vendidas por el accionista vendedor.
PROCEPT BioRobotics (NASDAQ: PRCT)는 1,923,076주의 보통주 공모가를 주당 91.00$로 책정하였으며, 약 1억 7500만 달러의 총 수익을 목표로 하고 있습니다. 한 판매 주주는 인수인에게 추가로 288,461주를 구매할 수 있는 30일 옵션을 부여했습니다. 이 공모는 2024년 10월 31일 경에 마감될 예정이며, BofA Securities, Piper Sandler, Morgan Stanley가 관리하고 있습니다. 회사는 판매주주가 판매한 주식에서 수익을 받지 않습니다.
PROCEPT BioRobotics (NASDAQ: PRCT) a annoncé le tarif de son offre publique de 1 923 076 actions d’actions ordinaires au prix de 91,00$ par action, visant à lever environ 175 millions de dollars en recettes brutes. Un actionnaire vendeur a accordé aux souscripteurs une option de 30 jours pour acheter jusqu’à 288 461 actions supplémentaires. L’offre, qui devrait se clôturer aux alentours du 31 octobre 2024, est gérée par BofA Securities, Piper Sandler et Morgan Stanley. La société ne recevra pas de recettes des actions vendues par l’actionnaire vendeur.
PROCEPT BioRobotics (NASDAQ: PRCT) hat den Preis für sein öffentliches Angebot von 1.923.076 Aktien zum Preis von 91,00$ pro Aktie bekannt gegeben, mit dem Ziel, etwa 175 Millionen Dollar an Bruttoeinnahmen zu erzielen. Ein verkaufender Aktionär hat den Underwritern eine 30-tägige Option eingeräumt, bis zu 288.461 zusätzliche Aktien zu kaufen. Das Angebot, das voraussichtlich um den 31. Oktober 2024 schließen wird, wird von BofA Securities, Piper Sandler und Morgan Stanley verwaltet. Das Unternehmen wird keine Einnahmen aus den Aktien erhalten, die von dem verkaufenden Aktionär verkauft werden.
Positive
- Significant capital raise of $175 million through public offering
- Strong share price of $91.00 per share for the offering
Negative
- Potential dilution of existing shareholders due to new share issuance
- No proceeds from additional shares sold by selling stockholder
Insights
The $175 million common stock offering at $91.00 per share represents a significant capital raise for PROCEPT BioRobotics. The pricing shows strong institutional confidence, coming in at a modest discount to recent trading levels. With 1.9M new shares being offered, this represents approximately 3.8% dilution to existing shareholders.
The additional capital strengthens the company’s balance sheet and provides runway for expanding their surgical robotics platform in urology. The involvement of major underwriters like BofA Securities, Piper Sandler and Morgan Stanley adds credibility to the offering. The 30-day option for underwriters to purchase additional shares could bring in up to $26.2 million more from the selling stockholder, though this won’t benefit the company directly.
SAN JOSE, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — PROCEPT BioRobotics® Corporation (NASDAQ: PRCT) (“PROCEPT BioRobotics” or the “Company”), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, today announced the pricing of an underwritten public offering of 1,923,076 shares of its common stock, at a public offering price of $91.00 per share, before underwriting discounts and commissions, for aggregate gross proceeds of approximately $175 million. In addition, a selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 288,461 shares of the Company’s common stock at the public offering price, less underwriting discounts and commissions. PROCEPT BioRobotics will not receive any proceeds from any sale of shares by the selling stockholder. The offering is expected to close on or about October 31, 2024, subject to customary closing conditions.
BofA Securities, Piper Sandler and Morgan Stanley are acting as joint book-running managers for the proposed offering.
The securities are being offered pursuant to an effective shelf registration statement that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 1, 2023. This offering is being made only by means of a prospectus supplement and the accompanying prospectus which forms a part of the effective shelf registration statement.
A preliminary prospectus supplement related to the offering (including the accompanying prospectus) has been filed with the SEC and is available on the SEC’s website located at www.sec.gov. A final prospectus supplement related to the offering (including the accompanying prospectus) will be filed with the SEC. Copies of the preliminary prospectus supplement and the final prospectus supplement, when available, and the accompanying prospectus may also be obtained, from BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, or via email: dg.prospectus_requests@bofa.com; from Piper Sandler, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, Attention: Prospectus Department, by telephone at (800) 747-3924, or via e-mail at prospectus@psc.com; and from Morgan Stanley, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: prospectus@morganstanley.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About PROCEPT BioRobotics Corporation
PROCEPT BioRobotics is a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. PROCEPT BioRobotics manufactures the AQUABEAM® and HYDROS™ Robotic Systems. The HYDROS Robotic System is the only AI-Powered, robotic technology that delivers Aquablation therapy. PROCEPT BioRobotics designed Aquablation therapy to deliver effective, safe, and durable outcomes for males suffering from lower urinary tract symptoms or LUTS, due to BPH that are independent of prostate size and shape or surgeon experience. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. The Company has developed a significant and growing body of clinical evidence with over 150 peer-reviewed publications, supporting the benefits and clinical advantages of Aquablation therapy.
Forward Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical facts contained herein, including without limitation statements regarding the expected closing of the public offering are forward-looking statements reflecting the current beliefs and expectations of PROCEPT BioRobotics’ management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent PROCEPT BioRobotics’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of PROCEPT BioRobotics’ common stock, and risks relating to PROCEPT BioRobotics’ business, including those risks described in periodic reports that PROCEPT BioRobotics files from time to time with the SEC, as well as the preliminary prospectus supplement and accompanying prospectus relating to the offering. The forward-looking statements included in this press release speak only as of the date of this press release, and PROCEPT BioRobotics does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
Investor Contact:
Matt Bacso
VP, Investor Relations and Business Operations
m.bacso@procept-biorobotics.com
FAQ
What is the price per share for PROCEPT BioRobotics (PRCT) public offering?
PROCEPT BioRobotics has priced its public offering at $91.00 per share.
How many shares is PROCEPT BioRobotics (PRCT) offering in October 2024?
PROCEPT BioRobotics is offering 1,923,076 shares of common stock, with an additional option for underwriters to purchase up to 288,461 shares.
How much money will PROCEPT BioRobotics (PRCT) raise from the offering?
The company expects to raise approximately $175 million in gross proceeds from the public offering.
When will PROCEPT BioRobotics (PRCT) public offering close?
The offering is expected to close on or about October 31, 2024, subject to customary closing conditions.
