On February 10, Surgalign Holdings Inc. (SRGA) announced a proposed public offering of shares of its common stock. As a result, the stock took a hit in the after-hours to plunge further down.
During the regular trading session, the stock fluctuated between a high of $0.6500 and a low of $0.5903. SGRA closed the session in the red with a loss of 4.99% at $0.5954 with over 3.2 million shares exchanging. Following the announcement, the stock plunged further by 29.91% at 2.07 million shares in the after hours. Hence, in the after-hours session on Thursday, SRGA had a value of $0.4173 per share. The stock not only plunged to its 52-week low during the regular session but went further below the value in the after-hours. Thus, the opening of the next market session would probably mark its 2nd consecutive 52-week low.
The medical technology company, Surgalign Holdings Inc. has a market capitalization of $88.2 million.
SRGA: Public Offering
As per Thursday’s announcement, the company intends to put up shares of its common stock along with warrants in an underwritten public offering. Moreover, SRGA also plans on offering a 30-day option for buying additional common stock shares to the underwriter.
The sole book-running manager for the offering is H.C. Wainwright & Co. Further, the net proceeds from the offering are intended for general corporate purposes including the ongoing development of its digital health offerings and related issues.
No details of the actual size, price, or closing of the offering were provided in the release. Therefore, another release with the pricing and details of the offering can be expected from the company in a day or two.
Inducement Grants
On February 03, the company announced awarding inducement grants to certain employees under its own Inducement Plan and Nasdaq Listing Rules. The company granted restricted stock unit awards to nine non-executive employees as inducement material. The aggregate amount of up to 257,695 common stock shares were awarded on February 01, 2022. Furthermore, the awards were approved by SRGA Board’s independent Compensation Committee.
SRGA: Q3 Financials
In the third quarter of 2021, the company had total global spine revenue of $20.5 million, against $27.9 million in Q3 2020.
SRGA suffered a net loss of $8.3 million from continuing operations in the third quarter of 2021. Resultantly, the company had a net loss per basic and diluted share of $0.06 in the quarter.
