Second Sight Medical Products announced that it plans to offer shares of its common stock in a public offering worth $50 million.
Los Angeles-based Second Sight priced the underwritten public offering of 10 million shares of common stock at a public offering price of $5 per share to yield gross proceeds of $50 million, according to a news release.
Should an overallotment option granted through a 45-day option to purchase up to 1.5 million additional shares be exercised, the proceeds could reach $57.5 million before discounts, commissions and other expenses. All shares are to be sold by Second Sight.
The Company has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 shares of common stock, solely to cover over-allotments. All of the shares of common stock are being offered by the Company.
Second Sight expects the offering to close on June 25, 2021, after which it plans to use the proceeds for the development of its Orion implant designed to provide useful artificial vision to individuals who are blind due to a range of causes ThinkEquity is acting as the sole book-running manager for the offering.