Inari Medical Announces Pricing of Its Upsized Initial Public Offering
May 21 2020 - 10:48PM
Inari Medical, Inc. (NASDAQ: NARI) (“Inari”), a commercial-stage
medical device company focused on developing products to treat and
transform the lives of patients suffering from venous diseases,
today announced the pricing of its upsized initial public offering
of 8,202,565 shares of its common stock at a public offering price
of $19.00 per share, for total gross proceeds of approximately $156
million, before deducting underwriting discounts and commissions
and offering expenses. All of the shares are being offered and sold
by Inari. In addition, Inari has granted the underwriters a 30-day
option to purchase up to an additional 1,230,384 shares of common
stock at the initial public offering price, less underwriting
discounts and commissions. Inari’s common stock is expected to
begin trading on the Nasdaq Global Select Market on May 22, 2020
under the symbol "NARI." The offering is expected to close on May
27, 2020, subject to the satisfaction of customary closing
conditions.
BofA Securities and Morgan Stanley are acting as joint lead
bookrunning managers for the offering. Wells Fargo Securities and
Canaccord Genuity are acting as co-managers.
A registration statement relating to the shares being sold in
this offering was declared effective by the U.S. Securities and
Exchange Commission on May 21, 2020. The offering is being made
only by means of a prospectus, copies of which may be obtained from
BofA Securities, NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department,
or by email at dg.prospectus_requests@bofa.com; and from Morgan
Stanley, 180 Varick Street, 2nd Floor, New York, NY 10014,
Attention: Prospectus Department, or by email at
prospectus@morganstanley.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, 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
the registration or qualification under the securities laws of any
such state or jurisdiction.
About Inari Medical, Inc.Inari Medical, Inc. is
a commercial-stage medical device company focused on developing
products to treat and transform the lives of patients suffering
from venous diseases.
Inari is focused on treating venous thromboembolism and
improving the quality of life of patients suffering from this
disease by safely and effectively removing blood clots. Inari has
developed two minimally-invasive, novel catheter-based mechanical
thrombectomy devices that are designed to remove large clots from
large vessels and eliminate the need for thrombolytic drugs. The
ClotTriever system is 510(k)-cleared by the FDA for thrombectomy in
the peripheral vessels and is used to treat patients suffering from
deep vein thrombosis. The FlowTriever system is 510(k)-cleared by
the FDA for the treatment of pulmonary embolism.
Forward Looking StatementsStatements in this
press release contain “forward-looking statements” that are subject
to substantial risks and uncertainties. Forward-looking statements
contained in this press release may be identified by the use of
words such as “may,” “will,” “should,” “expect,” “plan,”
“anticipate,” “could,” “intend,” “target,” “project,”
“contemplate,” “believe,” “estimate,” “predict,” “potential” or
“continue” or the negative of these terms or other similar
expressions, and include, without limitation, statements regarding
Inari’s expectations regarding the commencement of trading of its
shares on the Nasdaq Global Select Market, the size, completion and
timing of the closing of the offering. Forward-looking statements
are based on Inari’s current expectations and assumptions and are
subject to inherent uncertainties, risks and assumptions that are
difficult to predict. Further, certain forward-looking statements
are based on assumptions as to future events that may not prove to
be accurate. Important factors that could cause actual results to
differ include, but are not limited to, risks and uncertainties
related to the satisfaction of customary closing conditions related
to, and the completion of, the initial public offering. These and
other risks and uncertainties are described more fully in the
section titled “Risk Factors” in the prospectus related to the
initial public offering to be filed with the U.S. Securities and
Exchange Commission. Forward-looking statements contained in this
announcement are made only as of the date of this release, and
Inari undertakes no obligation to update such information except as
required under applicable law.
Investor Contact:Westwicke PartnersCaroline
CornerPhone +1-415-202-5678 caroline.corner@westwicke.com
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