MOUNTAIN VIEW, Calif.,
Dec. 9, 2016 /PRNewswire/
-- IRIDEX Corporation (NASDAQ: IRIX) today announced the
pricing of its underwritten public offering of an aggregate of 1.15
million shares of common stock at a price of $14.00 per share, $0.01 par value (the "Offering" with such shares
being the "Shares"). IRIDEX expects to receive gross proceeds
of $16.1 million, before deducting
underwriting discounts and other estimated offering expenses.
IRIDEX has also granted the underwriters a 30-day option to
purchase up to 172,500 shares of common stock to cover
over-allotments, if any.
Roth Capital Partners is acting as sole manager for the
Offering.
The net proceeds to IRIDEX from the Offering are expected to be
approximately $15.1 million after
deduction of underwriting discounts and assuming no exercise of the
underwriters' over-allotment option. Subject to customary
conditions, the offering is expected to close on December 14, 2016.
IRIDEX expects to use the net proceeds it receives from this
offering for working capital and other general corporate
purposes. IRIDEX may also use a portion of the net proceeds
for licensing or acquiring intellectual property or technologies to
incorporate in its products, capital expenditures, to fund possible
investments in and acquisitions of complementary businesses,
partnerships, or minority investments.
A shelf registration statement (File No. 333-213094) relating to
the Shares to be issued in the proposed offering was filed with the
Securities and Exchange Commission (the "SEC") and was declared
effective on August 26, 2016. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, 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. Copies of the
final prospectus supplement and accompanying base prospectus will
be filed with the Securities and Exchange Commission and, when
available, may be obtained from Roth Capital Partners, LLC, 888 San
Clemente, Newport Beach, CA 92660,
(800) 678-9147 or email: rothecm@roth.com, by accessing the EDGAR
database on the SEC's website at www.sec.gov, or by writing or
calling IRIDEX at 1212 Terra Bella Avenue, Mountain View, CA 94043 or (650) 940-4700.
About IRIDEX
IRIDEX Corporation was founded in 1989 and is a leader in
developing, manufacturing, and marketing innovative and versatile
laser-based medical systems, delivery devices and consumable
instrumentation for the ophthalmology market.
IRIDEX products are sold in the United States through both direct and
independent sales forces and internationally through a combination
of a direct sales force and a network of approximately 70
independent distributors into over 100 countries.
Forward-looking Statements
All statements in this news release that are not based on
historical fact are "forward-looking statements" within the
provisions of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act of 1934, as amended, including
statements regarding expectations regarding the completion of the
public offering and IRIDEX's intended use of proceeds. These
statements are based on management's current expectations. Such
statements contain words such as "will," and "expect," or the
negative thereof or comparable terminology. Forward-looking
statements involve certain risks and uncertainties, and actual
results and the timing of events may differ materially from those
discussed or implied in any such statement. These risks include,
but are not limited to the satisfaction of the conditions of the
closing of the public offering, market conditions and other risks
related to the business and operations of IRIDEX as are discussed
under the heading "Risk Factors" and in other sections of IRIDEX's
filings with the SEC, and in its other current and periodic reports
filed or furnished from time to time with the SEC. All
forward-looking statements in this press release are made as of the
date hereof, based on information available to IRIDEX as of the
date hereof, and IRIDEX assumes no obligation to update any
forward-looking statement.
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SOURCE IRIDEX Corporation