Inari Medical Announces Pricing of Offering of Common Stock

Rhea-AI Summary

Inari Medical, Inc. (NASDAQ: NARI) has announced a public offering of 2,000,000 shares at $81.00 per share, expected to close around March 15, 2022. The underwriters have a 30-day option to purchase an additional 300,000 shares. Proceeds from this offering will support Inari’s mission to treat patients with venous diseases using their innovative catheter-based systems. The offering is registered under an effective shelf registration statement filed with the SEC.

Positive

• The offering aims to fund the development of Inari's innovative catheter-based treatments for venous diseases.
• The company is well-positioned with its products, including the FDA-cleared ClotTriever and FlowTriever systems.

Negative

• Issuing new shares may lead to dilution for existing shareholders.
• Market conditions and closing conditions for the offering may introduce uncertainty.

IRVINE, Calif., March 10, 2022 (GLOBE NEWSWIRE) -- Inari Medical, Inc. (NASDAQ: NARI) (“Inari”), a medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases, today announced the pricing of an underwritten public offering of 2,000,000 shares of its common stock at a public offering price of $81.00 per share, before underwriting discounts and commissions. In addition, Inari has granted the underwriters a 30-day option to purchase up to 300,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions. All of the shares in the offering are to be sold by Inari. The offering is expected to close on or about March 15, 2022, subject to customary closing conditions.

BofA Securities and Morgan Stanley are acting as joint lead bookrunning managers for the offering. Wells Fargo Securities, Canaccord Genuity and BTIG are acting as co-managers.

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 December 23, 2021. 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. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained, when available, 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, and include, but are not limited to, statements regarding the completion of the public offering. 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. These risks and uncertainties include, but are not limited to, risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the public offering. 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:
Westwicke Partners
Caroline Corner
Phone +1-415-202-5678
caroline.corner@westwicke.com

FAQ

What is the purpose of Inari Medical's recent public offering?

The offering is intended to fund the development of Inari's innovative treatments for venous diseases.

How many shares is Inari Medical offering and at what price?

Inari Medical is offering 2,000,000 shares at a price of $81.00 per share.

When is the expected closing date for Inari Medical's offering?

The offering is expected to close on or about March 15, 2022.

What are the risks associated with Inari Medical's stock offering?

Risks include potential dilution for existing shareholders and market conditions affecting the offering's completion.

Who are the underwriters for the Inari Medical stock offering?

BofA Securities and Morgan Stanley are the joint lead bookrunning managers for the offering.