Paragon 28, Inc. Announces Pricing of Public Offering
January 25 2023 - 10:47PM
Business Wire
Paragon 28, Inc. (NYSE: FNA) (“Paragon”), a leading medical
device company exclusively focused on the foot and ankle orthopedic
market, announced today the pricing of the previously announced
underwritten public offering of 6,500,000 shares of its common
stock at a public offering price of $17.00 per share, before
underwriting discounts and commissions. 3,750,000 shares in the
offering are being offered for sale by Paragon and 2,750,000 shares
are being offered for sale by certain selling securityholders. In
addition, Paragon and the selling securityholders have granted the
underwriters a 30-day option to purchase up to an additional
562,500 and 412,500 shares of Paragon’s common stock, respectively,
at the public offering price, less underwriting discounts and
commissions. The gross proceeds from the offering to Paragon are
expected to be approximately $63.8 million. Paragon will not
receive any proceeds from the sale of common stock by the selling
securityholders. The offering is expected to close on January 30,
2023, subject to customary closing conditions.
Paragon intends to use the net proceeds from the offering, after
deducting underwriting discounts and commissions and estimated
offering expenses payable by Paragon, for working capital, capital
expenditures and other general corporate purposes. Paragon may also
use a portion of the net proceeds to acquire or invest in products,
technologies or businesses that are complementary to its business;
however, Paragon currently does not have any agreements or
commitments to complete any such transactions.
BofA Securities and Piper Sandler are acting as joint
book-running managers for the offering. Canaccord Genuity is acting
as a lead manager for the offering. JMP Securities, a Citizens
Company and Needham & Company are acting as co-managers for the
offering.
The public offering will be made pursuant to a registration
statement on Form S-3 that was filed by Paragon with the U.S.
Securities and Exchange Commission (the “SEC”) on November 1, 2022
and became effective on November 7, 2022. A preliminary prospectus
supplement and accompanying prospectus relating to and describing
the terms of the offering have been filed with the SEC and are
available on the SEC’s website at www.sec.gov. Copies of the
preliminary prospectus supplement and accompanying prospectus may
be obtained by contacting: BofA Securities, NC1-004-03-43, 200
North College Street, 3rd Floor, Charlotte, NC 28255-0001,
Attention: Prospectus Department, or by email:
dg.prospectus_requests@bofa.com; or Piper Sandler Attention:
Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN
55402, via telephone at (800) 747-3924 or via email at
prospectus@psc.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other 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 other jurisdiction.
About Paragon 28, Inc.
Based in Englewood, CO., Paragon 28, is a leading medical device
company exclusively focused on the foot and ankle orthopedic market
and is dedicated to improving patient lives. From the onset,
Paragon 28® has provided innovative orthopedic solutions,
procedural approaches and instrumentation that cover a wide range
of foot and ankle ailments including fracture fixation, forefoot,
ankle, progressive collapsing foot deformity (PCFD) or flatfoot,
charcot foot and orthobiologics. The company designs products with
both the patient and surgeon in mind, with the goal of improving
outcomes, reducing ailment recurrence and complication rates, and
making the procedures simpler, consistent, and reproducible.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements include
statements regarding a public offering of Paragon’s common stock,
the timing and size of the public offering and the anticipated use
of the net proceeds from the offering. Such statements are based on
current assumptions that involve risks and uncertainties that could
cause actual outcomes and results to differ materially. These risks
and uncertainties, many of which are beyond Paragon’s control,
include, among others, the risks described in Paragon’s preliminary
prospectus supplement dated January 25, 2023, the accompanying
prospectus dated November 7, 2022, and the documents incorporated
in the prospectus supplement and the prospectus by reference,
including in the section titled “Risk Factors” in Paragon’s most
recent annual report on Form 10-K. These forward-looking statements
speak only as of the date hereof and should not be unduly relied
upon. Paragon does not undertake any obligation to update
forward‐looking statements and expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
forward‐looking statements contained herein.
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Investor Contact Matthew Brinckman Senior Vice President,
Strategy and Investor Relations Phone: (741) 336-0435
mbrinckman@paragon28.com
Paragon 28 (NYSE:FNA)
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