Cutera down after pricing $100 mln convertible notes offering

Cutera

08/12/2022 12:14

** Cutera Inc's  CUTR.O  shares down 9.5% at $44.94 on very
light premarket volume as co raises capital
    ** Dermatology-focused firm prices 4.00% 7-yr convertible
senior notes  urn:newsml:reuters.com:*:nBwJ02m1a
    ** Conversion price of $58.35 represents 17.5% premium to
stock's last close
    ** Co to use ~$21 mln of net offering proceeds to pay cost
of capped call transactions; remainder for general purposes,
including placements of AviClear, its laser treatment for acne
    ** Shares have gained 20% YTD through Weds for $974 mln
market cap, per Refinitiv 
    ** All 5 analysts covering CUTR recommend buying the stock,
per Refinitiv, with $78 median PT
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))