Benzinga | Aug 19, 2020 06:14AM EDT

iRhythm Technologies Announced Earlier Pricing of 1.1M Share Upsized Public Offering of Common Stock @$175/Share

iRhythm Technologies, Inc. (NASDAQ:IRTC) announced today the pricing of its underwritten public offering of 1,093,167 shares of its common stock at a public offering price of $175.00 per share, before deducting underwriting discounts and commissions. All of the shares are being offered for sale by iRhythm Technologies. In addition, iRhythm Technologies has granted the underwriters a 30-day option to purchase up to an additional 163,975 shares of its common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by iRhythm Technologies, are expected to be $191.3 million, excluding any exercise of the underwriters' option to purchase additional shares. The offering is expected to close on August 21, 2020, subject to customary closing conditions.

iRhythm Technologies intends to use the net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by iRhythm Technologies, to fund growth initiatives and for working capital and other general corporate purposes. iRhythm Technologies may also use a portion of the net proceeds to expand its sales force and operations, increase research and development activities, conduct or sponsor clinical studies and trials, expand internationally, and to provide for working capital and other general corporate purposes. iRhythm Technologies may use a portion of the net proceeds to acquire complementary products, technologies, intellectual property or businesses; however, iRhythm Technologies currently does not have any agreements or commitments to complete any such transactions and is not involved in negotiations regarding such transactions.

J.P. Morgan and Morgan Stanley are serving as joint lead book-running managers for the proposed offering. Citigroup, Truist Securities and William Blair are acting as co-managers.