Alphatec Holdings Inc ATEC shares are trading lower by 18.4% to $10.46 Wednesday morning after the company announced pricing of a public offering of common stock.
What Happened?
Alphatec has has priced an underwritten public offering of 14,300,000 common stock shares at $10.50 per share. The offering is set to close on October 27, pending standard closing conditions. ATEC has also granted underwriters a 30-day option to purchase up to 2,145,000 additional shares at the same price.
The joint book-running managers for the offering are Morgan Stanley, TD Cowen, Barclays and Stifel. ATEC anticipates gross proceeds of around $150 million, excluding the underwriters' option.
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According to data from Benzinga Pro, Alphatec has a 52-week high of $19.14 and a 52-week low of $8.83.
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