Surgalign Holdings, Inc. (SRGA) stock announced the $50 million registered direct offering priced at the market under Nasdaq rules today on June 10, 2021, after which the SRGA stock price saw a downtrend of 8.75% to drop at $1.46 a share as of this writing. Surgalign Holdings, Inc is the developer, manufacturer, distributor of spine implants across the globe. Let’s deeply look at the SRGA’s current happenings.
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What’s Happening?
The SRGA stock went down today after the announcement by Surgalign that it has entered into the securities purchase agreement with several institutional investors pursuant to which SRGA stock would issue and sell an aggregate of 28,985,508 shares of its common stock and warrants to buy 28,985,508 common shares. The purchase price under this registered direct offering is $1.725 per share of SRGA’s common stock and related warrant. The warrants will be immediately exercisable and would expire after three years from the issuance date. After meeting the customary closing condition, the registered direct offering would end on or about June 14, 2021.
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$50 million gross proceeds have been estimated by this registered direct offering without deducting placement agent fees and offering related expenses. The Surgalign stock is planning to use net proceeds resulting from this offering for working capital as well as general corporate in which ongoing development of digital surgical guidance system and preparation for its approval as well as utilization is also included.
SRGA Collaboration with Inteneural Networks:
On June 7, 2021, Surgalign stock signed the strategic collaboration agreement with Inteneural Networks pursuant to which SRGA stock would get access to Inteneural’s proprietary technology in order to evaluate the integration within the Surgalign digital surgery portfolio ahead. Inteneural Networks is the leading AI solution provider for clinical neurosciences by allowing machines to identify neural structures in medical visuals and instantly delivers the reference information via the use of machine learning algorithms.
Inducement Grants by SRGA stock:
On June 04, 2021, SRGA stock did announce the grant of equity award to its six non-executive employees as an inducement to accept employment with Surgalign pursuant to which employees were given the right of purchasing an aggregate of 179,667 shares of SRGA’s common stock. About a month ago, 5 non-executive employees were given the right to purchase 467,404 shares of Surgalign common stock via the equity award as an inducement to accept employment with Surgalign.
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Conclusion:
The announcement of a registered direct offering by Surgalign stock is the obvious reason for the bearish sentiment in the stock market today. SRGA stock is upgrading its business with advanced technology in order to compete in the market. Investors are required to do both fundamental as well as technical analysis before adding this stock to their portfolio.