Apollo Endosurgery Announces Closing of Public Offering and Exercise in Full of Option to Purchase Additional Shares

Rhea-AI Summary

Apollo Endosurgery (NASDAQ:APEN) has successfully closed its underwritten public offering, selling 9,660,000 shares at a price of $7.75 per share, resulting in gross proceeds of approximately $75 million. This included 1,260,000 shares from the underwriters exercising their option to purchase additional shares. The offering was conducted under a shelf registration statement effective since May 19, 2021. The funds raised are intended to support Apollo's ongoing development of less invasive medical devices and expand its market presence.

Positive

• Successful closure of a public offering raising approximately $75 million.
• Use of funds to advance development of less invasive medical devices.

Negative

• Potential dilution of existing shareholders due to the increase in shares outstanding.

AUSTIN, TX / ACCESSWIRE / October 15, 2021 / Apollo Endosurgery, Inc. ("Apollo") (NASDAQ:APEN), a global leader in less invasive medical devices for gastrointestinal and bariatric procedures, announced today the closing of its previously announced underwritten public offering. Apollo sold 9,660,000 shares of its common stock, including 1,260,000 shares sold pursuant to the underwriters' exercise in full of their option to purchase additional shares, at a public offering price of $7.75 per share for gross proceeds of approximately $75 million, before deducting underwriting discounts and commissions and offering expenses.

Piper Sandler, Cowen and Stifel acted as the joint book-running managers for the proposed offering. Craig-Hallum and Lake Street acted as co-managers for the offering.

The offering was made pursuant to a shelf registration statement on Form S-3, including a base prospectus, filed by Apollo with the Securities and Exchange Commission (the "SEC"), which was declared effective by the SEC on May 19, 2021. A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC's website located at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus related to the offering may be obtained from Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at (800) 747-3924 or by email at prospectus@psc.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by telephone at (833) 297-2926 or by email at PostSaleManualRequests@broadridge.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Apollo Endosurgery, Inc.

Apollo Endosurgery, Inc. is a medical technology company focused on development of next-generation, less invasive devices to advance therapeutic endoscopy designed to treat a variety of gastrointestinal conditions including closure of gastrointestinal defects, managing gastrointestinal complications and the treatment of obesity. Apollo's device-based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 75 countries today and include the X-Tack® Endoscopic HeliX Tacking System, the OverStitch® Endoscopic Suturing System, the OverStitch Sx® Endoscopic Suturing System, and the ORBERA® Intragastric Balloon.

CONTACT:

Apollo Endosurgery, Inc.
Jeff Black, 512-279-5126
investor-relations@apolloendo.com

Darrow Associates Investor Relations
Matt Kreps, 214-597-8200
mkreps@darrowir.com

SOURCE: Apollo Endosurgery, Inc.

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FAQ

What was the public offering price for Apollo Endosurgery's shares?

The public offering price was $7.75 per share.

How many shares were sold in Apollo Endosurgery's public offering?

Apollo sold a total of 9,660,000 shares.

What are the intended uses of the funds raised from the Apollo Endosurgery offering?

The funds will support the development of less invasive medical devices and expand market presence.

What was the total gross proceeds from the Apollo Endosurgery offering?

The total gross proceeds were approximately $75 million.

When was the SEC registration statement for the public offering declared effective?

The registration statement was declared effective on May 19, 2021.