Neuronetics plunges on deep-discounted stock offering

Neuronetics

07/02/2025 13:49

**  Shares of medtech firm Neuronetics  STIM.O  plunge 33% to
$2.38 premarket after follow-on prices
** Malvern, Pennsylvania-based co, which offers its NeuroStar
Therapy to treat major depressive disorder, announces 8 mln
shares at $2.25 for $18 mln gross raise
    ** Offering price is 36.8% discount to stock's close on
Thurs
    ** Co says plans to use net offering proceeds for general
purposes, including sales and marketing, R&D, potential
acquisitions, among others
    ** With ~55.65 mln shares outstanding, co has $198 mln
market cap, per LSEG, and ~27 mln shares of public float
    ** Canaccord Genuity sole bookrunner for offering
    ** Through Thurs, shares rose 121% YTD. Stock hit record low
of 52 cents in mid-Nov
    ** Avg rating among 4 analysts is "buy" with $3 median PT -
LSEG

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