Zynex says CEO pulls stock sale, co to pursue notes offering; shares slide

Zynex

04/05/2023 13:12

** Zynex Inc's  ZYXI.O  shares down 19.4% at $11.73
premarket after medical device maker provides update on
previously announced offerings
    ** Co says CEO Thomas Sandgaard decided not to move forward
with offering of 2 mln shares due to current market conditions
    ** Zynex says intends to continue to pursue private offering
of $50 mln 3-yr convertible bonds
    ** ZYXI shares sunk more than 20% in extended trading on
Weds after offerings were announced
    ** Co has ~36.66 mln shares for ~$534 mln market cap, per
Refinitiv
    ** Shares have gained 30% over the past week through Weds
close. Last Thurs, co said Q1 rev increased 36% yr/yr to $42.2
mln and posted adj EPS of 4 cents

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))