Establishment Labs Holdings Inc. (NASDAQ: ESTA) today announced the pricing of its public offering of 2,285,714 common shares at $26.25 per share. The gross proceeds to Establishment Labs, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $60.0 million. The offering is scheduled to close on February 3, 2020, subject to the satisfaction of customary closing conditions. In addition, the Company has granted the underwriters a 30-day option to purchase up to 342,857 additional common shares.
The Company intends to use the net proceeds from this offering, together with its existing cash, to fund growth initiatives, including the expansion of its manufacturing facilities, market development activities related thereto, conduct or sponsor clinical studies and trials, and to provide for working capital and other general corporate purposes. The Company may also use a portion of the net proceeds from this offering to expand the sales force and operations, increase research and development activities, obtain regulatory approval to market and sell Motiva Implants in the United States and expand internationally.
Goldman Sachs & Co. LLC, Jefferies LLC, Cowen and Company, LLC, and UBS Investment Bank are acting as joint book-running managers for the offering. BTIG, LLC is acting as co-manager for the offering. PJT Partners Inc. is serving as financial advisor to the Company in connection with the offering.