iRhythm Technologies (NSDQ:IRTC) announced that it priced an underwritten public offering of common stock expected to bring in $191.3 million.
San Francisco-based iRhythm is offering nearly 1.1 million shares of its common stock, priced at $175 per share. Additionally, the underwriters were granted a 30-day option to purchase up to 163,975 more shares, bringing the expected gross proceeds to $191.3 million.
The cardiac care technology developer expects the offering to close on Aug. 21, subject to closing conditions. 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.
iRhythm said in a news release 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.