iRhythm Technologies (NSDQ:IRTC) announced that it closed its underwritten public offering worth proceeds of approximately $220 million.
San Francisco-based iRhythm offered nearly 1.3 million shares of its common stock priced at $175 per share, including the exercise in full of the underwriters’ option to purchase 163,975 additional shares under the same terms and conditions, according to a news release.
The cardiac care technology developer initially expected the gross proceeds to total $191.3 million when it announced the pricing last week, but the proceeds totaled the $220 million tally before deducting discounts, commissions and other offering expenses.
iRhythm said last week that it intends to use the proceeds to fund growth initiatives and for working capital and other general corporate purposes. A portion of the proceeds may be used to expand the company’s sales force and operations, increase R&D activities, conduct or sponsor clinical studies, international expansion and more.
The company added that a portion could be used to acquire complementary products, technologies, intellectual properties or businesses, although it currently has no agreements or commitments to complete any such transactions.
J.P. Morgan and Morgan Stanley served as joint lead book-running managers for the offering. Citigroup, Truist Securities and William Blair acted as co-managers.