HeartWare International Inc.
) (HeartWare) disclosed the public offering of 1,500,000 of its
common stock at $86.45 per share. This pricing came in accordance
with the effective shelf registration statement filed with the
Securities and Exchange Commission (SEC).
In order to fulfill the over-allotments, HeartWare had also
given the underwriters a choice to additionally purchase a
maximum of 225,000 shares. As per the rules of the Australian
Stock Exchange, HeartWare did not need the approval of the
company's shareholders for this public issue.
The company plans to use the capital issued from the public
offering for short-term financial expenses and general corporate
expenses. The expenses include, but are not limited to, the
expansion of manufacturing capabilities, selling and marketing
expenses, expenses toward facilities and infrastructure, research
and development, general and administrative support functions,
and the acquisition or licensing of or investment in
complementary products, technologies or businesses.
The sole book-running manager for this public offering was
J.P. Morgan Securities LLC, while the co-managers were Credit
Suisse Securities (USA) LLC, Lazard Capital Markets LLC and
Canaccord Genuity Inc. During this offering, Perella Weinberg
Partners acted as an independent capital markets advisor to
HeartWare International Inc. is a global provider of
miniaturized ventricular assist devices (VAD) or miniaturized
implantable heart pumps for diagnosis of advanced heart
HeartWare currently retains a Zacks Rank #3 (Hold). We are
more positive about
). While Cyberonics and Given Imaging carry a Zacks Rank #1
(Strong Buy), Teleflex carries a Zacks Rank #2 (Buy).
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