Koru Medical drops on deep-discounted stock offering

Koru Medical Systems

19/06/2020 13:36

** Repro Med Systems Inc, which does business as Koru
Medical Systems  KRMD.O , down 12% to $9 premarket as co raises
equity
    ** Co sells 3.1 mln shares at $8, ~22% discount to stock's
Thurs close, raises $25 mln  urn:newsml:reuters.com:*:nBw5hZByha
    ** Says to use net proceeds for general corp purposes, which
may include commercial expansion, including by acquisition,
clinical trials and pharmaceutical initiatives, among others
    ** Piper Sandler and Canaccord acting as joint bookrunning
managers for offering
    ** Co has 39.7 mln shares outstanding for ~$400 mln market
cap and 33.5 mln shares of free float, per Refinitiv data
    ** Separately, co late Thurs said it's set to join the
Russell 3000, Russell 2000 and Russell Microcap indexes on Jun
29  urn:newsml:reuters.com:*:nBw1K29PDa
    ** YTD, KRMD shares have risen 56.7%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))