Shockwave Announces Pricing of Public Offering of Common Stock
June 16 2020 - 8:20PM
Shockwave Medical, Inc. (“Shockwave”) (Nasdaq: SWAV) today
announced the pricing of its public offering of 1,700,000 shares of
its common stock at a price to the public of $45.75 per share. All
of the shares are being offered by Shockwave. The gross proceeds
from the offering, before deducting underwriting discounts and
commissions and other offering expenses payable by Shockwave,
are expected to be approximately $77.8 million. The offering is
scheduled to close on June 19, 2020, subject to the
satisfaction of customary closing conditions. The underwriters for
the offering also have a 30-day option to purchase up to an
additional 255,000 shares of Shockwave’s common stock at
the price to the public, less underwriting discounts and
commissions. Shockwave’s common stock is listed on the Nasdaq
Global Select Market under the ticker symbol “SWAV.”
Morgan Stanley and BofA Securities are acting as joint lead
book-running managers for the offering. Wells Fargo Securities is
acting as lead manager for the offering. Canaccord Genuity is
acting as financial advisor to Shockwave for the offering.
A registration statement (including a base prospectus) and a
preliminary prospectus supplement relating to these securities have
been filed with the Securities and Exchange Commission. The
registration statement became automatically effective upon filing.
The offering is being made only by means of a prospectus supplement
(including the accompanying base prospectus). A copy of the final
prospectus supplement, when available, may be obtained from Morgan
Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, New York 10014; or BofA Securities,
NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte,
North Carolina 28255‐0001, Attention: Prospectus Department, or by
email at dg.prospectus_requests@bofa.com.
This press release shall not constitute an offer to sell or the
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 of these securities under the securities laws of any
such state or jurisdiction.
About Shockwave Medical, Inc. Shockwave Medical
is focused on developing and commercializing products intended to
transform the way calcified cardiovascular disease is treated.
Shockwave aims to establish a new standard of care for medical
device treatment of atherosclerotic cardiovascular disease through
its differentiated and proprietary local delivery of sonic pressure
waves for the treatment of calcified plaque, which it refers to as
Intravascular Lithotripsy (“IVL”). IVL is a minimally invasive,
easy-to-use and safe way to significantly improve patient
outcomes.
Caution Regarding Forward-Looking
Statements
This press release contains statements relating to Shockwave’s
expectations, projections, beliefs, and prospects, which are
“forward-looking statements” within the meaning of the federal
securities laws and by their nature are uncertain. Words such as
“believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “plans,” and similar expressions are intended
to identify forward-looking statements. These forward-looking
statements include, without limitation, statements regarding the
completion, timing and size of the public offering, the
satisfaction of customary closing conditions related to the
offering, the expected closing of the offering and references to
whether Shockwave will consummate the offering. Such
forward-looking statements are not guarantees of future
performance, and you are cautioned not to place undue reliance on
these forward-looking statements. Shockwave’s business and
operations are subject to a variety of risks and uncertainties and,
consequently, actual results may differ materially from those
projected by any forward-looking statements. Factors that could
cause actual results to differ include, but are not limited to,
risks and uncertainties related to commencement or completion of
the public offering and the satisfaction of customary closing
conditions related to the public offering. Various factors
could also adversely affect Shockwave’s operations, business or
financial results in the future and cause Shockwave’s actual
results to differ materially from those contained in
forward-looking statements, including, but not limited to: the
impact of the COVID-19 pandemic on Shockwave’s operations,
financial results, and liquidity and capital resources, including
on sales, expenses, supply chain, manufacturing, research and
development activities, clinical trials and employees; Shockwave’s
ability to design, develop, manufacture and market innovative
products to treat patients with challenging medical conditions,
particularly in peripheral artery disease, coronary artery disease
and aortic stenosis; Shockwave’s expected future growth, including
growth in international sales; the size and growth potential of the
markets for Shockwave’s products, and Shockwave’s ability to serve
those markets; the rate and degree of market acceptance of
Shockwave’s products; coverage and reimbursement for procedures
performed using Shockwave’s products; the performance of third
parties in connection with the development of Shockwave’s products,
including third-party suppliers; regulatory developments in the
United States and foreign countries; Shockwave’s ability to obtain
and maintain regulatory approval or clearance of its products on
expected timelines; Shockwave’s ability to research, develop and
commercialize its products and any other approved or cleared
product; Shockwave’s ability to scale its organizational culture of
cooperative product development and commercial execution; the
development, regulatory approval, efficacy and commercialization of
competing products; the loss of key scientific or management
personnel; Shockwave’s ability to develop and maintain its
corporate infrastructure, including its internal controls;
Shockwave’s financial performance and capital requirements; and
Shockwave’s ability to obtain and maintain intellectual property
protection for its products, as well as its ability to operate its
business without infringing the intellectual property rights of
others. These risks and uncertainties, as well as others, are
discussed in greater detail in Shockwave’s filings with the SEC,
including under the section entitled “Risk Factors” in its
preliminary prospectus supplement and its prospectus supplement,
including the documents incorporated by reference therein, which
include its Annual Report on Form 10-K and its Quarterly Report on
Form 10-Q filed with the SEC on March 12, 2020 and May 13, 2020,
respectively, and its subsequent periodic reports filed with the
SEC. There may be additional risks of which Shockwave is not
presently aware or that it currently believes are immaterial which
could have an adverse impact on its business. Any forward-looking
statements are based on Shockwave’s current expectations, estimates
and assumptions regarding future events and are applicable only as
of the dates of such statements. Shockwave makes no
commitment to revise or update any forward-looking statements in
order to reflect events or circumstances that may change.
Media Contact: Scott Shadiow
+1.317.432.9210sshadiow@shockwavemedical.com
Investor Contact:Debbie Kaster, Gilmartin
Groupinvestors@shockwavemedical.com
Shockwave Medical (NASDAQ:SWAV)
Historical Stock Chart
From Aug 2024 to Sep 2024
Shockwave Medical (NASDAQ:SWAV)
Historical Stock Chart
From Sep 2023 to Sep 2024