Inari Medical Announces Proposed Offering of Common Stock

Rhea-AI Summary

Inari Medical, Inc. (NASDAQ: NARI) has announced a public offering of 2,000,000 shares of its common stock, with a potential additional 300,000 shares available for underwriters. The offering is subject to market conditions and will be conducted under a previously filed effective shelf registration statement. Joint lead managers for the offering are BofA Securities and Morgan Stanley. The company's press release emphasizes the transformative impact of its medical devices aimed at treating venous diseases.

Positive

• Proceeds from the offering could be used to advance product development and expansion efforts.
• The company has two FDA-cleared, minimally-invasive devices designed for venous disease treatment.

Negative

• Public offering may cause shareholder dilution.
• Market conditions and uncertainty around the offering could affect investor confidence.

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 commencement of an underwritten public offering of 2,000,000 shares of its common stock. Inari also expects to grant the underwriters a 30-day option to purchase up to an additional 300,000 shares of its common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the shares in the proposed offering are to be sold by Inari.

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

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 will be 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) will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Copies of the preliminary 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, timing and size of the proposed public offering and the expectation to grant the underwriter a 30-day option to purchase additional shares. 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 proposed 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 preliminary prospectus supplement related to the proposed 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 size of the public offering by Inari Medical (NARI)?

Inari Medical is offering 2,000,000 shares of common stock, with an option for underwriters to purchase an additional 300,000 shares.

Who are the underwriters for Inari Medical's stock offering?

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

What are the potential uses for the funds raised from Inari Medical's offering?

The funds are expected to be utilized for product development and expansion efforts in the medical device sector.

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

Risks include market conditions that could affect the offering's completion and potential dilution of existing shareholders.