Inari Medical Announces Closing of Underwriters’ Over-Allotment Option in Connection with Offering of Common Stock
Inari Medical, Inc. (NASDAQ: NARI) announced the completion of a public offering, selling an additional 300,000 shares after exercising an over-allotment option. The total number of shares sold reached 2,300,000, generating approximately $186.3 million in gross proceeds at a price of $81.00 per share. Major underwriters included BofA Securities and Morgan Stanley. The transaction was conducted under an effective shelf registration statement filed with the SEC.
- Total gross proceeds from the offering amounted to approximately $186.3 million.
- The offering included the sale of 2,300,000 shares, indicating strong investor interest.
- Potential dilution of existing shares due to the increase in outstanding shares.
IRVINE, Calif., March 21, 2022 (GLOBE NEWSWIRE) -- Inari Medical, Inc. (NASDAQ: NARI) (“Inari”), a medical device company with a mission to treat and transform the lives of patients suffering from venous and other diseases, announced today that it has completed the sale of an additional 300,000 shares of its common stock, pursuant to the exercise in full of the over-allotment option granted to the underwriters in connection with Inari’s recently completed underwritten public offering of 2,000,000 shares of common stock, at the public offering price of
BofA Securities and Morgan Stanley acted as joint lead bookrunning managers for the offering. Wells Fargo Securities, Canaccord Genuity and BTIG acted as co-managers.
The securities described above were offered pursuant to an effective shelf registration statement that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 23, 2021. A final prospectus supplement and accompanying prospectus related to the public offering were filed with the SEC and are available on the SEC’s website located at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or via email: dg.prospectus_requests@bofa.com; and from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, or by email at 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 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 Inari Medical, Inc.
Inari Medical, Inc. is a medical device company with a mission to treat and transform the lives of patients suffering from venous and other diseases. Inari has developed two minimally-invasive, novel catheter-based mechanical thrombectomy devices that are designed to remove large clots from large vessels and eliminate the need for thrombolytic drugs. The company purpose-built its products for the specific characteristics of the venous system and the treatment of the two distinct manifestations of venous thromboembolism, or VTE: deep vein thrombosis and pulmonary embolism. The ClotTriever system is 510(k)-cleared by the FDA and CE Mark approved for the treatment of deep vein thrombosis. The FlowTriever system is 510(k)-cleared by the FDA and CE Mark approved for the treatment of pulmonary embolism and clot in transit in the right atrium.
Forward Looking Statements
Statements in this press release may contain “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. Any forward-looking statements are based on Inari’s current expectations, forecasts, and assumptions and are subject to a number of risks and uncertainties that could cause actual outcomes and results to differ materially and adversely from those set forth in or implied by such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Inari’s most recent Annual Report on Form 10-K, its other reports filed with the SEC, as well as in the final prospectus supplement related to the public offering. Forward-looking statements contained in this announcement are based on information available to Inari as of the date hereof and are made only as of the date of this release. Inari undertakes no obligation to update such information except as required under applicable law. These forward-looking statements should not be relied upon as representing Inari’s views as of any date subsequent to the date of this press release. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Inari.
Investor Contact:
ICR Westwicke
Caroline Corner
Phone +1-415-202-5678
caroline.corner@westwicke.com
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