Senseonics Holdings Increases Previously Announced Bought Deal Offering of Common Stock to $100.0 Million
January 22 2021 - 12:18AM
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, due to demand, the underwriter has
agreed to increase the size of the previously announced offering
and purchase on a firm commitment basis 51,948,052 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 7,792,207 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 $100.0 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 product
development, focused on working to complete clinical development,
secure regulatory approval and support anticipated commercial
launch of the 365-day product, supporting the collaboration with
Ascensia Diabetes Care, and funding working capital and capital
expenditures.
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 and an additional
registration statement on Form S-3 (File No. 333-252317) filed
pursuant to Rule 462(b) and became automatically effective on
January 21, 2021. 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 were filed with
the SEC and are available on the SEC’s website at www.sec.gov.
Electronic copies of 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/20210121006024/en/
Senseonics Investor Contact Lynn Lewis or Philip Taylor
Investor Relations 415-937-5406 investors@senseonics.com
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