Miromatrix Medical Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

Miromatrix Medical Inc. (Nasdaq: MIRO) has priced its initial public offering (IPO) of 4,800,000 shares at $9.00 per share. The offering aims to raise approximately $43.2 million before underwriting fees. Additionally, the underwriter has a 30-day option to purchase 720,000 additional shares. Trading is set to commence on June 24, 2021, with the offering expected to close by June 28, 2021. The IPO will be managed by Craig-Hallum Capital Group.

Positive

• Expected gross proceeds of approximately $43.2 million aimed at supporting business growth.
• Potential for significant impact on addressing organ shortages through innovative bioengineering technology.

Negative

• Dilution risk due to the issuance of new shares to the public.

EDEN PRAIRIE, Minn., June 24, 2021 (GLOBE NEWSWIRE) -- Miromatrix Medical Inc. (Nasdaq: MIRO) ("Miromatrix"), a life sciences company pioneering a novel technology for bioengineering fully transplantable human organs to help save and improve patients' lives, today announced the pricing of its initial public offering of 4,800,000 shares of common stock at a price to the public of $9.00 per share. In addition, Miromatrix has granted the underwriter a 30-day option to purchase up to an additional 720,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. The common stock is expected to begin trading on The Nasdaq Capital Market under the ticker symbol "MIRO" on June 24, 2021, and the offering is expected to close on June 28, 2021, subject to the satisfaction of customary closing conditions.

Miromatrix expects to receive gross proceeds of approximately $43.2 million, before deducting underwriting discounts and commissions and excluding any exercise of the underwriter's option to purchase additional shares.

The offering is being made through Craig-Hallum Capital Group, which is acting as sole managing underwriter for the offering.

A registration statement on Form S-1 (File No. 333-256649) relating to the shares being sold in this offering was declared effective by the U.S. Securities and Exchange Commission on June 23, 2021. This offering was made only by means of a prospectus, copies of which may be obtained from: Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 222 South Ninth Street, Suite 350, Minneapolis, Minnesota 55402, by telephone at (612) 334-6300 or by email at prospectus@chlm.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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Miromatrix Medical

Miromatrix Medical Inc. (Nasdaq: MIRO) is a life sciences company pioneering a novel technology for bioengineering fully transplantable human organs to help save and improve patients' lives. The Company has developed a proprietary perfusion technology platform for bioengineering organs that it believes will efficiently scale to address the shortage of available human organs. The Company's initial development focus is on human livers and kidneys.

Investor Contact
Greg Chodaczek
347-620-7010 
ir@miromatrix.com

FAQ

What is the share price for Miromatrix's initial public offering?

Miromatrix has priced its initial public offering at $9.00 per share.

How many shares is Miromatrix offering in its IPO?

Miromatrix is offering 4,800,000 shares in its initial public offering.

When will Miromatrix's shares start trading on the Nasdaq?

Miromatrix's shares are expected to begin trading on the Nasdaq on June 24, 2021.

What are the expected gross proceeds from Miromatrix's IPO?

The expected gross proceeds from Miromatrix's IPO are approximately $43.2 million.

Who is managing Miromatrix's initial public offering?

Craig-Hallum Capital Group is acting as the sole managing underwriter for the offering.