RxSight, Inc. Announces Closing of its Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares
RxSight, an ophthalmic medical device company, has successfully closed its public offering of 2,053,571 shares of common stock at $56.00 per share. This includes the full exercise of underwriters' option to purchase an additional 267,857 shares, generating gross proceeds of $115 million. The offering was managed by BofA Securities, J.P. Morgan, and BTIG, with BofA Securities acting as the lead bookrunning manager. The automatic shelf registration statement and the final prospectus supplement were filed with the SEC on May 8, 2024. The proceeds are expected to support RxSight’s ongoing business activities and growth strategies.
- RxSight raised $115 million in gross proceeds from the public offering.
- The full exercise of underwriters' option to purchase additional shares indicates strong demand.
- BofA Securities, J.P. Morgan, and BTIG acted as managers, lending credibility to the offering.
- The automatic shelf registration statement became effective immediately, facilitating the swift execution of the offering.
- The offering will result in shareholder dilution as more shares enter the market.
- Gross proceeds of $115 million are before underwriting discounts, commissions, and other offering expenses, effectively reducing net proceeds.
- Increased shares in the market could potentially lead to a temporary drop in stock price.
Insights
RxSight, Inc. has completed its public offering of
From a financial perspective, this capital infusion boosts the company's liquidity, which can be deployed for R&D, market expansion, or operational enhancements. The offering price of
For retail investors, increased liquidity means RxSight is better positioned to capitalize on growth opportunities. However, it's important to consider potential dilution of existing shares and its impact on earnings per share (EPS). The offering could dilute shareholders' equity but also indicates potential for long-term growth.
RxSight's successful public offering and the participation of top-tier underwriters is significant. The ophthalmic medical device market is competitive and fresh capital allows RxSight to strengthen its market position. The company specializes in customized vision solutions post-cataract surgery, a growing segment due to an aging population globally.
Enhanced financial resources could mean accelerated product development and marketing efforts, potentially leading to increased market share. Retail investors should watch for how effectively RxSight utilizes this capital to gain traction against competitors and innovate within the industry.
Given the market dynamics, this offering is a positive signal. Still, investors need to stay informed about the company's strategic moves and financial health post-offering.
ALISO VIEJO, Calif., May 13, 2024 (GLOBE NEWSWIRE) -- RxSight, Inc. (Nasdaq: RXST), an ophthalmic medical device company dedicated to providing high-quality customized vision to patients following cataract surgery, today announced that it has closed its underwritten public offering of 2,053,571 shares of its common stock, at a price to the public of
BofA Securities acted as lead bookrunning manager of the offering and as representative of the underwriters. J.P. Morgan also acted as bookrunning manager for the offering. BTIG acted as co-manager of the offering.
RxSight filed an automatic shelf registration statement on Form S-3 relating to the shares of common stock offered in the public offering described above with the Securities and Exchange Commission (the “SEC”) on May 8, 2024, which became automatically effective upon filing. A final prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC on May 8, 2024, and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained from: BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, by telephone at (800) 294-1322 or by email at dg.prospectus_requests@bofa.com or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction. The offering was only made by means of a prospectus supplement and accompanying prospectus.
About RxSight, Inc.
RxSight, Inc. is an ophthalmic medical device company dedicated to providing high-quality customized vision to patients following cataract surgery. The RxSight® Light Adjustable Lens system, comprised of the RxSight Light Adjustable Lens® (LAL®/LAL+™, collectively the “LAL”), RxSight Light Delivery Device (LDD™) and accessories, is the first and only commercially available intraocular lens (IOL) technology that can be adjusted after surgery, enabling doctors to customize and deliver high-quality vision to patients after cataract surgery.
Company Contact:
Shelley B. Thunen
Chief Financial Officer
sthunen@rxsight.com
Investor Relations Contact:
Oliver Moravcevic
VP, Investor Relations
omoravcevic@rxsight.com
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