SeaSpine Holdings (SPNE) Prices 4.5M Share Common Offering at $19.50/Sh

April 16, 2021 5:49 AM EDT

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SeaSpine Holdings Corporation (NASDAQ: SPNE) today announced the pricing of its previously announced underwritten public offering of 4,500,000 shares of its common stock at a public offering price of $19.50 per share. The gross proceeds to SeaSpine, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $87.8 million. The offering is expected to close on or about April 20, 2021, subject to customary closing conditions.

Piper Sandler & Co., Canaccord Genuity LLC and Stifel are acting as joint book-running managers, Truist Securities, Inc. is acting as lead manager and BTIG, LLC, Cantor Fitzgerald & Co. and Ladenburg Thalmann & Co. Inc. are acting as co-managers for the offering. SeaSpine has granted the underwriters a 30-day option to purchase up to an additional 675,000 shares at the public offering price, less underwriting discounts and commissions.

SeaSpine intends to use a portion of the net proceeds from this offering, together with its existing cash and cash equivalents, to finance the cash consideration of $27.5 million for its acquisition of 7D Surgical (the “Acquisition”). The Company intends to use the remaining net proceeds from this offering for working capital and other general corporate purposes, which may include acquisitions or investments in complementary businesses, technologies or other assets, although it has no present commitments or agreements to do so (other than with respect to 7D Surgical). This offering is not conditioned upon the closing of the Acquisition. If the Acquisition does not close, the Company will have broad discretion as to the use of proceeds from this offering.

A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the “SEC”) and became effective on February 4, 2021. A preliminary prospectus supplement relating to the offering has been filed with the SEC and a final prospectus supplement relating to the offering will be filed with the SEC.



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