CVRx, Inc. Announces Closing of Initial Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

CVRx, Inc. has successfully closed its initial public offering (IPO) of 8,050,000 shares of common stock at $18.00 per share, generating approximately $144.9 million in gross proceeds. This includes an additional 1,050,000 shares exercised by underwriters. The stock began trading on Nasdaq under the ticker CVRX on June 30, 2021. The IPO was facilitated by J.P. Morgan, Piper Sandler, and William Blair as joint book-running managers.

Positive

• Generated approximately $144.9 million in gross proceeds from the IPO.
• Successful trading debut on Nasdaq under the ticker CVRX.

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• None.

MINNEAPOLIS, July 02, 2021 (GLOBE NEWSWIRE) -- CVRx, Inc. (“CVRx”), a commercial-stage medical device company focused on developing, manufacturing and commercializing innovative and minimally invasive neuromodulation solutions for patients with cardiovascular diseases, announced today the closing of its initial public offering of 8,050,000 shares of its common stock at a public offering price of $18.00 per share, which includes 1,050,000 shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares, for total gross proceeds from the offering, before deducting the underwriting discount and other offering expenses payable by CVRx, of approximately $144.9 million. All of the shares of common stock were offered by CVRx. CVRx’s common stock began trading on the Nasdaq Global Select Market on June 30, 2021, under the ticker symbol “CVRX.”

J.P. Morgan, Piper Sandler and William Blair acted as joint book-running managers and as representatives of the underwriters for the offering. Canaccord Genuity acted as a lead manager for the offering.

A registration statement on Form S-1 (File No. 333-256800), including a prospectus, relating to these securities was declared effective by the U.S. Securities and Exchange Commission on June 29, 2021. The offering was made only by means of a prospectus, copies of which may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, via telephone: +1 (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; from Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at (800) 747-3924, or via email at prospectus@psc.com; or from William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at (800) 621-0687 or by email at prospectus@williamblair.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 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 CVRx, Inc.

Headquartered in Minneapolis, MN, CVRx is a leader in innovative medical technologies that address the unmet needs in cardiovascular diseases with safe and effective therapies that harness and harmonize the body’s natural systems. CVRx is dedicated to improving patient outcomes, quality of life, and overall cardiovascular health via novel baroreceptor neuromodulation therapies.

Investor Contact:
Mark Klausner or Mike Vallie
Westwicke, an ICR Company
ir@cvrx.com

Media Contact:
Lisa Murray
Trevi Communications, Inc.
978.750.0333 / 617.835.0396
lisa@trevicomm.com

FAQ

What was the price of CVRx's initial public offering?

CVRx's initial public offering was priced at $18.00 per share.

How many shares were included in CVRx's IPO?

CVRx's IPO included 8,050,000 shares of common stock.

When did CVRx start trading on Nasdaq?

CVRx began trading on Nasdaq on June 30, 2021.

What were the total gross proceeds from CVRx's IPO?

The total gross proceeds from CVRx's IPO were approximately $144.9 million.

Who managed the CVRx IPO?

J.P. Morgan, Piper Sandler, and William Blair acted as joint book-running managers for the IPO.