2023-07-19 08:01:25 ET
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Harrow ( NASDAQ: HROW ) has priced an underwritten public offering of 3.38 million shares of its common stock at a price of $17.75/share for expected gross proceeds of $60 million.
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The stock is down 1.37% in premarket trade on Wednesday.
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The offering is expected to close on or about July 21, 2023.
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Underwriters are granted a 30?day option to purchase an additional 0.51 million shares of its common stock in connection with the offering.
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The net proceeds from the sale of the common stock will be used by the company to fund the initial amount payable for an acquisition , with the remaining net proceeds available for general corporate purposes, including funding future strategic product acquisitions and related investments, making capital expenditures, and funding working capital and other cash needs.
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In separate release, the company said preliminary Q2 2023 is expected to be in excess of $31.0 million vs. the consensus of $29.20 million compared with prior-year second quarter revenues of $23.3 million. Q2 Adjusted EBITDA is expected to be in excess of $9.3 million.
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Harrow prices $60 million stock offering, sees Q2 revenue in excess of $31M above consensus