Alphatec tumbles on pricing $150 mln stock offering

Aclarion

25/10/2023 11:33

** Shares of medical device firm Alphatec  ATEC.O  down 14%
at $11.02 before the bell after overnight follow-on prices
    ** Spinal surgery imaging system provider late Tues
announced 14.3 mln shares at $10.50 for $150 mln raise
    ** Offering price represents 18.1% discount to stock's last
sale
    ** Morgan Stanley, TD Cowen, Barclays and Stifel jt
bookrunners
    ** Co plans to use net proceeds for general purposes,
including capex, acquisitions, or R&D, per the prospectus filing
    ** ATEC has ~120.3 mln shares outstanding for $1.5 bln
market cap and ~71 mln shares of free float, per LSEG data
    ** Early Mon, Aclarion Inc  ACON.O  said signed partnership
letter with ATEC to advance commercialization of Nociscan,
Alcarion's platform to identify location of chronic low back
pain
    ** Through Tues close, ATEC's shares had risen 8.5% over the
past week and are up ~4% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))