Paragon 28 trips on stock offering

Paragon 28

26/01/2023 14:27

** Paragon 28 Inc's  FNA.N  down 14.1% at $17.25 after
medical device maker's stock offering prices
    ** FNA shares could suffer record one-day pct fall, if loss
holds
    ** Foot and ankle orthopedic device specialist late Weds
announced 6.5 mln shares at $17, 15.3% discount to last sale
 urn:newsml:reuters.com:*:nBwRvnyVa
    ** BofA and Piper Sandler jt bookrunners
    ** Co offers 3.75 mln shares, existing holders sell 2.75 mln
shares
    ** FNA plans to use net offering proceeds of ~$63.8 mln for
working capital, capex, potential acquisitions
    ** BofA and Piper Sandler jt bookrunners
    ** Co had ~77.1 mln shares outstanding for ~$1.6 bln market
cap, prior to offering
    ** Stock up 5.1% YTD through Weds close, and up 38% over the
past 12 months
    ** FNA went public in Oct 2021 IPO priced at $16
 (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))