The Nasdaq-listed company Surgalign Holdings, Inc. (SRGA) is off over 26.37% at $2.54 in pre-market trade today without any apparent news.
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For $1.50 a share, before underwriting discounts and commissions, Surgalign Holdings, Inc. announced its pricing of an underwritten public offering of 25,000,000 shares of its common stock. Surgalign is issuing all the shares of common stock. The company has also granted the underwriters the right to purchase up to 3,750,000 additional shares at the public offering price, less the underwriting discount and commissions.
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Cantor and Piper Sandler act as joint book-running managers, BTIG works as the lead manager and Craig-Hallum Capital Group will act as co-managers.
A close date of February 1, 2021, is expected, subject to customary closing requirements conditions.
Investors are keenly watching the recommendations by analysts at Wall Street regarding Surgalign Holdings Inc. According to the consensus of the analysts, SRGA is rated Buy. At a scale of 1 to 5, the average recommendation for the stock is currently 2. Undervalued prices suggest Buy recommendations, while the value in the range of 2 to 3 suggests Hold, while overvalued prices suggest selling the stock. At the moment, 6 Wall Street analysts recommend buying the stock.