(RTTNews) - NeuroPace, Inc. (NPCE) reported the successful completion of its previously announced underwritten public offering of 7,475,000 shares of common stock at a public offering price of $10.00 per share.
This includes the full exercise of the underwriters' option to purchase an additional 975,000 shares, bringing the total gross proceeds to approximately $74.8 million before underwriting discounts and commissions.
The company intends to use around $49.5 million of the net proceeds to repurchase 5,270,845 shares from its significant stockholder, KCK Ltd., at $9.40 per share.
The remaining proceeds will be allocated for general corporate purposes, such as clinical trial expenses, R&D, debt reduction, and working capital.
Joseph Oliveto, CEO of NeuroPace, said, "The completion of this offering provides us with additional financial flexibility to enhance our growth and continue advancing the care we provide to patients with drug-resistant epilepsy."
Currently, NPCE is trading at $13.26 up by 1.34%.
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