Establishment Labs Announces Pricing of Public Offering of Common Shares
25 April 2023 - 1:46PM
Business Wire
Establishment Labs Holdings Inc. (NASDAQ: ESTA) (the “Company”),
a global medical technology company dedicated to improving women’s
health and wellness, principally in breast aesthetics and
reconstruction, today announced the pricing of its public offering
of 1,100,000 common shares at a price of $71.50 per share. The
gross proceeds to Establishment Labs, before deducting the
underwriting discounts and commissions and estimated offering
expenses, are expected to be approximately $78.7 million. The
offering is scheduled to close on April 27, 2023, subject to the
satisfaction of customary closing conditions. In addition, the
Company has granted the underwriters a 30-day option to purchase up
to 165,000 additional common shares, at the public offering price
per share, less underwriting discounts and commissions.
The Company intends to use the net proceeds from this offering,
together with its existing cash, for general corporate purposes,
including sales and marketing, research and development activities,
general and administrative matters, working capital and capital
expenditures.
Jefferies, J.P. Morgan, Citigroup and TD Cowen are acting as
joint book-running managers for the offering. BTIG is acting as
co-manager.
The offering was made pursuant to a prospectus supplement, dated
April 24, 2023, to the accompanying prospectus included in the
Company’s automatically effective shelf registration statement on
Form S-3 (File No. 333-271418), which was filed on April 24, 2023.
Copies of the final prospectus supplement and accompanying
prospectus related to the offering may be obtained, when available,
from Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, New York, NY 10022, or by telephone
at (877) 821-7388, or by e-mail at
Prospectus_Department@Jefferies.com; 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; Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by
telephone at (800) 831-9146; Cowen and Company, LLC, 599 Lexington
Avenue, New York, NY 10022, by email at Prospectus_ECM@cowen.com or
by telephone at (833) 297-2926.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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 that
state or jurisdiction.
About Establishment Labs
Establishment Labs Holdings Inc. is a global medical technology
company dedicated to improving women’s health and wellness through
the power of science, engineering, and technology. The Company
offers a portfolio of Femtech solutions for breast health, breast
aesthetics and breast reconstruction. The over three million
Motiva® devices Establishment Labs has delivered to plastic and
reconstructive surgeons since 2010 have created a new standard for
safety and patient satisfaction in the 85 countries in which they
are available. The Motiva Flora® tissue expander is the only
regulatory-approved expander in the world with an integrated port
that is MRI conditional and is used to improve outcomes in breast
reconstruction following breast cancer. Mia Femtech™, Establishment
Lab’s unique minimally invasive experience for breast harmony, is
the Company’s most recent breakthrough innovation. These solutions
are supported by over 200 patents and patent applications in 25
separate patent families worldwide and over 50 scientific studies
and publications in peer reviewed journals. Establishment Labs
manufactures at two facilities in Costa Rica compliant with all
applicable regulatory standards under ISO13485:2016 and FDA 21 CFR
820 under the MDSAP program. In 2018, the Company received an
investigational device exemption (IDE) from the FDA for Motiva
Implants® and began a clinical trial to support regulatory approval
in the United States.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934.
All statements, other than statements of historical fact, are
statements that could be deemed forward-looking statements,
including statements that relate to the Company’s public offering
and statements containing the words “plans,” “expects,” “believes,”
“strategy,” “opportunity,” “anticipates,” “outlook,” “designed,” or
other forms of these words or similar expressions, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions and no
assurance can be given that the public offering discussed above
will be completed on the terms described. Completion of the public
offering is subject to numerous factors, many of which are beyond
the control of the Company, including, without limitation, failure
of customary closing conditions related to the offering and the
risk factors and other matters set forth in the prospectus
supplement and accompanying prospectus included in the registration
statement. Except as required by law, the Company undertakes no
obligation to update or revise any forward-looking statements to
reflect new information, changed circumstances or unanticipated
events.
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Investor/Media Contact
Raj Denhoy 415-828-1044 rdenhoy@establishmentlabs.com
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