Organogenesis slumps on planned stock offering

Organogenesis Holdings

11/11/2020 13:45

** Organogenesis Holdings  ORGO.O  down >11% to $3.85 on
light premarket volume as regenerative medicine co looks to
raise equity
    ** ORGO late Tues said looking to sell 17.5 mln shares
 urn:newsml:reuters.com:*:nGNX4qR5m0
    ** Morgan Stanley and SVB Leerink joint bookrunners for
offering, which is scheduled to price Thurs AMC
    ** Co expects to use net offering proceeds for working
capital and general corp purposes, including facility expansion
and manufacturing enhancements, among other uses, per prospectus
filing https://www.sec.gov/Archives/edgar/data/1661181/000119312520290330/d12613ds1a.htm#toc12613_5
    ** ORGO has ~107.8 mln shares outstanding for ~$470 mln
market cap, per Refinitiv data, and ~10.1 mln shares of free
float
    ** >4k ORGO shares have traded before the bell vs 30-DMA
volume of ~256k, per Refinitiv data
    ** Stock down 9.8% YTD

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