Butterfly Network takes flight after equity raise
30/01/2025 17:30
(Updates stock activity, recasts throughout)
** Shares of medical imaging device maker Butterfly Network
BFLY.N reverse premarket losses and last up 18.2% at $4.15 on
Thurs after follow-on priced
** Burlington, Massachusetts-based firm late Weds sold 24 mln
shares at $3.15 for about $76 mln gross proceeds
** Offering, which represented ~11% of co's total shares
outstanding, priced at 10.3% discount to stock's close on Weds
** Co intends to use net offering proceeds to fund development
and commercialization of new and existing products and services,
and general corp purposes
** With move on Thurs, co has roughly $885 mln market cap, per
LSEG
** Stock now up ~33% YTD, but well off its all-time high of
$29.13 hit in early 2021
** TD Cowen, William Blair and Lake Street Capital Markets are
bookrunners for the offering
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))