Axonics Kicks Off $150 Million Common Stock Offering
05:32 PM EDT, 05/11/2021 (MT Newswires) -- Axonics (AXNX) said Tuesday that it has a proposed public offering of $150 million in shares of its common stock.
The underwriters are expected to be granted a 30-day option to purchase up to $22.5 million in additional shares to cover overallotments.
The company said it intends to use the net proceeds from the offering to repay all or a portion of its outstanding indebtedness of $75 million, support the commercialization of its products throughout the United States and internationally, to conduct related research and development activities, and to fund the technological enhancement of its products, and for working capital and general corporate purposes.
Shares were down about 5% in the after-hours session.
Price: 50.35, Change: -2.39, Percent Change: -4.53