Senseonics Holdings Announces $50.0 Million Bought Deal Offering of Common Stock
January 21 2021 - 05:13PM
Business Wire
Senseonics Holdings, Inc. (NYSE American: SENS) (“Senseonics” or
the “Company”), a medical technology company focused on the
development and commercialization of a long-term, implantable
continuous glucose monitoring (CGM) system for people with
diabetes, today announced that it has entered into an underwriting
agreement with H.C. Wainwright & Co. under which the
underwriter has agreed to purchase on a firm commitment basis
25,974,026 shares of common stock of the Company at a public
offering price of $1.925 per share, less underwriting discounts and
commissions. The Company also has granted the underwriter a 30-day
option to purchase up to an additional 3,896,103 shares of common
stock at the public offering price, less underwriting discounts and
commissions. The offering is expected to close on or about January
26, 2021, subject to customary closing conditions.
H.C. Wainwright & Co. is acting as the sole book-running
manager for the offering.
The gross proceeds of the offering are expected to be
approximately $50.0 million, prior to deducting underwriting
discounts and commissions and estimated offering expenses and
excluding the exercise of the underwriter’s option to purchase
additional shares. The Company intends to use the net proceeds from
this offering for general corporate purposes, including working
capital, product development focused on working to complete the
365-day Eversense system, capital expenditures and supporting the
collaboration with Ascensia Diabetes Care.
The shares of common stock are being offered pursuant to an
effective registration statement on Form S-3 (File No. 333-235297)
that was filed with the U.S. Securities and Exchange Commission
(“SEC”) on November 27, 2019, amended on December 18, 2019 and
declared effective on December 20, 2019. The shares of common stock
may be offered only by means of a prospectus. A preliminary
prospectus supplement and accompanying prospectus relating to the
offering will be filed with the SEC and will be available on the
SEC’s website at www.sec.gov. Electronic copies of the preliminary
prospectus supplement and accompanying prospectus relating to the
offering, and the final prospectus supplement and accompanying
prospectus relating to the offering, when filed, may be obtained
from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY
10022, by email at placements@hcwco.com or by phone at (646)
975-6996.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, 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.
About Senseonics
Senseonics Holdings, Inc. is a medical technology company
focused on the design, development and commercialization of
transformational glucose monitoring products designed to help
people with diabetes confidently live their lives with ease.
Senseonics' CGM systems, Eversense® and Eversense® XL, include a
small sensor inserted completely under the skin that communicates
with a smart transmitter worn over the sensor. The glucose data are
automatically sent every 5 minutes to a mobile app on the user's
smartphone.
Forward-Looking Statements
This press release may contain "forward-looking" statements
within the meaning of Section 27A of the Securities Act of 1933,
and Section 21E of the Securities Exchange Act of 1934. These
include statements preceded by, followed by or that otherwise
include the words "believes," "expects," "anticipates,"
"estimates," "projects," "intends," "should," "seeks," "future,"
"continue," or the negative of such terms, or other comparable
terminology. These statements include, without limitation,
statements related to our ability to close the offering and the use
of proceeds from the offering. Forward-looking statements relating
to expectations about future results or events are based upon
information available to Senseonics as of today's date and are not
guarantees of the future performance of the company, and actual
results may vary materially from the results and expectations
discussed. Additional information concerning these and other risks
is contained in Senseonics’ most recently filed Annual Report on
Form 10-K, Quarterly Report on Form 10-Q, recent Current Reports on
Form 8-K and other Securities and Exchange Commission filings. All
subsequent written and oral forward-looking statements concerning
Senseonics, or other matters and attributable to Senseonics or any
person acting on its behalf are expressly qualified in their
entirety by the cautionary statements above. Senseonics does not
undertake any obligation to publicly update any of these
forward-looking statements to reflect events or circumstances that
may arise after the date hereof, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210121005965/en/
Senseonics Investor Contact Lynn Lewis or Philip Taylor
Investor Relations 415-937-5406 investors@senseonics.com
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