SI-Bone slips on equity offering

SI-BONE

15/10/2020 13:46

** SI-Bone Inc  SIBN.O  shares down ~7% at $21.75 premarket
after medical device co prices stock offering
    ** Co focused on surgical treatment of sacroiliac joint
dysfunction prices ~3.19 mln shares at $22  urn:newsml:reuters.com:*:nGNXb16qP8
    ** SIBN sells 3 mln shares for $66 mln gross raise; Skyline
Ventures offers the balance, per prospectus filing https://www.sec.gov/Archives/edgar/data/1459839/000145983920000084/prelimprospectussupplement.htm#i3c833955a01f4aa6b3aa08b5b2c06a57_28
    ** Offering prices at 1.7% discount to stock's Weds close
    ** Morgan Stanley and BofA joint bookrunners
    ** SIBN has ~28.6 mln shares outstanding for ~$669 mln
market cap, per Refinitiv data
    ** Stock, up ~9% YTD, has more than tripled from Mar
pandemic low of $7.20

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))