RxSight, Inc. Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

RxSight, Inc. announced a proposed public offering of $100 million of its common stock, with an additional 15% option for underwriters. The company plans to use the proceeds for commercial expansion, product development, research, and working capital. BofA Securities, J.P. Morgan, and BTIG are involved in the offering. An automatic shelf registration statement was filed with the SEC. The offering will be made through a prospectus supplement and accompanying prospectus.

Positive

• RxSight, Inc. is planning to offer $100 million of its common stock in a public offering, indicating a potential positive move towards financial growth and expansion.

• The company intends to use the net proceeds from the offering for continued commercial and marketing expansion, including international growth, product development, research, and working capital, which could signal a strong strategic investment in the company's future.

• BofA Securities, J.P. Morgan, and BTIG are involved in the offering, showcasing the company's partnership with reputable financial institutions to support its public offering, potentially increasing investor confidence.

Negative

• There is uncertainty surrounding whether or when the offering may be completed, the actual size, or terms of the offering, which could lead to volatility in the stock price and investor hesitation.

• The press release states that all shares are being offered by RxSight, which could potentially dilute existing shareholders' ownership and impact the stock value negatively.

• Any delays, changes in market conditions, or unexpected events during the offering process could pose risks to the successful completion of the public offering and have adverse effects on the company's financial standing.

ALISO VIEJO, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- RxSight, Inc., (Nasdaq: RXST), an ophthalmic medical device company dedicated to providing high-quality customized vision to patients following cataract surgery, announced today that it intends to offer and sell, subject to market and other conditions, $100 million of shares of its common stock in an underwritten public offering. In addition, RxSight expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the offering on the same terms and conditions. RxSight intends to use the net proceeds from the offering for continued commercial and marketing expansion, including international expansion, funding of product development, research and clinical development, and for working capital and general corporate purposes. All of the shares are being offered by RxSight. There can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering. BofA Securities is acting as lead bookrunning manager of the offering and as representative of the underwriters.  J.P. Morgan is also acting as bookrunning manager and BTIG is acting as a co-manager of the offering.

An automatic shelf registration statement on Form S-3 relating to the common stock offered in the public offering described above was filed with the Securities and Exchange Commission (the “SEC”) on May 8, 2024, which became automatically effective upon filing. The proposed offering is being made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when available, 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 shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements concerning expectations with respect to our intention to conduct an offering and sale of our common stock, the completion, timing and size of the proposed public offering, the grant to the underwriters of an option to purchase additional shares and the anticipated use of the net proceeds from the proposed offering. Risks and uncertainties related to these endeavors include, but are not limited to, risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering. Investors should review the risks and uncertainties contained in our filings with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 6, 2024, in the preliminary prospectus supplement related to the proposed public offering to be filed with the SEC, as well as other risks set forth in our other filings with the SEC. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those described in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” or “continue” or the negative of such terms and other similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Company Contact:
Shelley B. Thunen
Chief Financial Officer
sthunen@rxsight.com

Investor Relations Contact:
Oliver Moravcevic
VP, Investor Relations
omoravcevic@rxsight.com

FAQ

What is RxSight, Inc. announcing?

RxSight, Inc. has announced a proposed public offering of $100 million of its common stock.

How does RxSight plan to use the net proceeds from the offering?

RxSight intends to use the net proceeds for continued commercial and marketing expansion, international growth, product development, research, and working capital.

Who are the key entities involved in RxSight's public offering?

BofA Securities, J.P. Morgan, and BTIG are involved in RxSight's public offering.

Where can I find more information about RxSight's offering?

More information can be obtained from BofA Securities or J.P. Morgan, and the preliminary prospectus will be available on the SEC's website.

Is there a possibility of the public offering not being completed?

Yes, there is uncertainty as to whether or when the offering may be completed, along with uncertainties regarding the size and terms of the offering.