Silk Road Medical falls on upsized secondary stock offering

Silk Road Medical

06/05/2020 14:30

** Silk Road Medical  SILK.O  shares down 11.5% to $38.30 as
co prices upsized stock offering
    ** Co, which sells medical devices to treat carotid artery
disease, prices ~6.8 mln shares at $39, ~10% discount to stock's
Tues close  urn:newsml:reuters.com:*:nGNXKB5Ct
    ** SILK offers ~1.9 mln shares, raises $75 mln for
expansion, R&D; existing holders sell ~4.9 mln shares, or ~$190
mln worth
    ** Transaction upsized from $100 mln, while top investor
Warburg Pincus (5.9 mln shares, ~19% stake) was listed as seller
of $25 mln worth of shares, per filing https://www.sec.gov/Archives/edgar/data/1397702/000162828020006446/silk424n.htm#s8E5C600AE69C5F38B5EFA83EA6D0A524
    ** JP Morgan, BofA and Citigroup joint bookrunners for
offering
    ** SILK's stock is up 7% in 2020, and has more than doubled
from its Apr 2019 IPO price of $20

 (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))