K2M closed its share offering of common stock.
Here are seven things to know:
1. The offering included 750,000 shares from the company and 3.75 million shares from selling stockholders.
2. The public price was $22.60 per share.
3. The underwriter has 30 days to purchase up to 675,000 additional shares from the company and selling stockholders on a pro rata basis.
4. Net proceeds from the offering were around $16.3 million after deducting the underwriting discount and estimated offering expenses.
5. The proceeds will go toward working capital and general corporate proposes, including expanding K2M's global distribution network and purchase inventory to support sales efforts.
6. In the future, the company could use the proceeds for an acquisition or investment in complementary products, technologies or businesses.
7. Barclays was the sole book-running manager and underwriter for the offering.