SI-BONE Announces Launch of Public Offering of Common Stock
SI-BONE, Inc. (SIBN) announced an underwritten public offering of 3,190,053 shares of its common stock, with an additional option for underwriters to purchase 478,507 shares. SI-BONE will offer 3,000,000 shares while a selling stockholder will offer 190,053 shares. The offering hinges on market conditions, and completion timelines remain uncertain. Morgan Stanley and BofA Securities are the lead managers, complemented by Cantor Fitzgerald, JMP Securities, and Needham & Company as co-managers. The offering follows a shelf registration effective since January 2020.
- Fundraising through the offering can support business expansion and product development.
- Dilution of existing shares for current shareholders due to the new offering.
SANTA CLARA, Calif., Oct. 14, 2020 (GLOBE NEWSWIRE) -- SI-BONE, Inc. (Nasdaq: SIBN) (“SI-BONE”), a Silicon Valley-based medical device company focused on the development of implantable devices used in the surgical treatment of the sacropelvic anatomy, today announced that it has commenced an underwritten public offering of 3,190,053 shares of its common stock. In addition, SI-BONE expects to grant the underwriters a 30-day option to purchase up to an additional 478,507 shares of common stock on the same terms and conditions. Of the shares of common stock being offered, 3,000,000 shares are being offered by SI-BONE and 190,053 shares are being offered by a selling stockholder. The offering is subject to market 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.
Morgan Stanley and BofA Securities are acting as joint book-running managers. Cantor Fitzgerald & Co., JMP Securities LLC and Needham & Company are acting as co-managers.
A shelf registration statement relating to the shares being sold in this offering was filed with the U.S. Securities and Exchange Commission on December 26, 2019, and was declared effective on January 2, 2020. The offering will be made only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available for free on the SEC’s website located at http://www.sec.gov. When available, electronic copies of the preliminary prospectus supplement and accompanying prospectus relating to the proposed public offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; or from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or email at dg.prospectus_requests@bofa.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 SI-BONE
SI-BONE is a medical device company that pioneered minimally invasive surgery of the SI joint with the iFuse Implant System.
Forward-Looking Statements
This press release contains forward-looking statements, including statements relating to SI-BONE’s expectations regarding the proposed public offering. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. SI-BONE cautions investors not to place undue reliance on the forward-looking statements contained in this release. These risks and uncertainties include, without limitation, risks and uncertainties related to market conditions, the risk that the proposed public offering will not be consummated on the terms or in the amounts contemplated or otherwise, and the satisfaction of customary closing conditions related to the proposed public offering. Risks and uncertainties relating to SI-BONE and its business can be found in the “Risk Factors” section of SI-BONE’s Form 10-Q for the quarter ended June 30, 2020, filed with the SEC on August 4, 2020, and in the preliminary prospectus contained in the registration statement related to the proposed public offering filed with the SEC on October 14, 2020. SI-BONE undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in SI-BONE’s expectations, except as required by law.
Investor Contact:
Matt Bacso, CFA
investors@SI-BONE.com
Media Contact:
Joe Powers
jpowers@si-bone.com
FAQ
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