2023-05-03 16:31:40 ET
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Zynex ( NASDAQ: ZYXI ) said Wednesday it has commenced a secondary public offering of 2 million shares of its common stock.
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The shares are being offered by the company's CEO Thomas Sandgaard.
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Sandgaard also intends to grant the underwriter a 30-day option to purchase up to an additional 300,000 shares
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Zynex will not receive any of the proceeds from the secondary offering and Zynex will bear the associated costs.
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RBC Capital Markets is acting as the sole book-running manager of the secondary offering.
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Concurrently with the secondary offering, Zynex is offering to qualified institutional buyers $50.0 million convertible senior notes due 2026.
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Zynex also intends to grant the initial purchaser of the notes an option to purchase up to an additional $7.5 million notes.
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The secondary offering is not contingent upon the consummation of the notes offering and the notes offering is not contingent upon the consummation of the secondary offering.
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Shares -21.8% at $11.38 after hours.
For further details see:
Zynex launches secondary offering of 2M shares, offers $50M notes to institutional buyers