Alphatec Holdings Inc ATEC shares are trading lower by 2.9% to $9.81 during Thursday's session on downward momentum after the company this week announced pricing of a public offering of common stock.
What Happened?
Alphatec this week announced a public offering of 14.3 million common stock shares at $10.50 per share. The offering is scheduled to close on October 27, pending standard closing conditions.
Additionally, they have given underwriters the option to buy an extra 2.15 million shares at the same price. The joint book-running managers for this offering are Morgan Stanley, TD Cowen, Barclays and Stifel.
Alphatec says the company expects to generate approximately $150 million in gross proceeds, excluding the underwriters' option.
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According to data from Benzinga Pro, ATEC has a 52-week high of $19.14 and a 52-week low of $8.83.
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