$NARI Inari Medical Announces Pricing of Its Upsized Initial Public Offering
May 21 2020 - 10:48PM
GlobeNewswire Inc. Print
Inari Medical, Inc. (NASDAQ: NARI) (“Inari”), a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases, today announced the pricing of its upsized initial public offering of 8,202,565 shares of its common stock at a public offering price of $19.00 per share, for total gross proceeds of approximately $156 million, before deducting underwriting discounts and commissions and offering expenses. All of the shares are being offered and sold by Inari. In addition, Inari has granted the underwriters a 30-day option to purchase up to an additional 1,230,384 shares of common stock at the initial public offering price, less underwriting discounts and commissions. Inari’s common stock is expected to begin trading on the Nasdaq Global Select Market on May 22, 2020 under the symbol "NARI." The offering is expected to close on May 27, 2020, subject to the satisfaction of customary closing conditions.
BofA Securities and Morgan Stanley are acting as joint lead bookrunning managers for the offering. Wells Fargo Securities and Canaccord Genuity are acting as co-managers.
A registration statement relating to the shares being sold in this offering was declared effective by the U.S. Securities and Exchange Commission on May 21, 2020. The offering is being made only by means of a prospectus, copies of which may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at email@example.com; and from Morgan Stanley, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, or by email at firstname.lastname@example.org.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Inari Medical, Inc.
Inari Medical, Inc. is a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases.
Inari is focused on treating venous thromboembolism and improving the quality of life of patients suffering from this disease by safely and effectively removing blood clots. Inari has developed two minimally-invasive, novel catheter-based mechanical thrombectomy devices that are designed to remove large clots from large vessels and eliminate the need for thrombolytic drugs. The ClotTriever system is 510(k)-cleared by the FDA for thrombectomy in the peripheral vessels and is used to treat patients suffering from deep vein thrombosis. The FlowTriever system is 510(k)-cleared by the FDA for the treatment of pulmonary embolism.
Forward Looking Statements
Statements in this press release contain “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, and include, without limitation, statements regarding Inari’s expectations regarding the commencement of trading of its shares on the Nasdaq Global Select Market, the size, completion and timing of the closing of the offering. Forward-looking statements are based on Inari’s current expectations and assumptions and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Important factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions related to, and the completion of, the initial public offering. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the prospectus related to the initial public offering to be filed with the U.S. Securities and Exchange Commission. Forward-looking statements contained in this announcement are made only as of the date of this release, and Inari undertakes no obligation to update such information except as required under applicable law.