ALISO VIEJO, Calif. - RxSight, Inc. (NASDAQ: RXST), a company specializing in ophthalmic medical devices, has announced its intention to conduct a public offering of its common stock, aiming to raise $100 million, subject to market conditions. The company also plans to give underwriters a 30-day option to purchase an additional 15% of shares.
The proceeds from this offering are earmarked for various strategic initiatives, including the expansion of commercial and marketing efforts both domestically and internationally, product development, research, clinical development, as well as for working capital and other corporate purposes.
BofA Securities is leading the offering as the bookrunning manager and representative of the underwriters. J.P. Morgan is also serving as a bookrunning manager, with BTIG acting as a co-manager.
An automatic shelf registration statement related to these securities was filed with the Securities and Exchange Commission (SEC) on the same day of the announcement, which became effective immediately. The offering is made through a prospectus supplement and accompanying prospectus, which are part of the registration statement.
Prospective investors can obtain copies of the preliminary prospectus supplement and accompanying prospectus from the SEC's website or directly from BofA Securities and J.P. Morgan upon request.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy the securities, nor will there be any sale of these securities in any jurisdiction where such an offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that jurisdiction.
RxSight's Light Adjustable Lens system is the first and only intraocular lens technology that can be adjusted post-surgery, allowing doctors to customize vision for patients following cataract surgery.
InvestingPro Insights
As RxSight, Inc. (NASDAQ: RXST) prepares for its public offering, potential investors might be interested in recent performance metrics and insights from InvestingPro. The company, which is advancing in the field of ophthalmic medical devices, shows a significant market cap of $2.26 billion USD. Despite a challenging profitability outlook, with analysts not expecting the company to be profitable this year, RxSight's revenue has seen a robust growth of 75.67% over the last twelve months as of Q1 2024.
InvestingPro data highlights a substantial return on investment for shareholders, with a one-year price total return of 220.4%. This remarkable growth is mirrored in the short-term as well, with a 9.68% return over the last week. Such figures may be enticing for those looking to participate in the offering, as they reflect the company's strong performance and market confidence.
For a more comprehensive understanding of RxSight's financial health and future prospects, there are additional InvestingPro Tips available. These tips include insights on earnings revisions, the company's debt level, and valuation multiples. Currently, there are 13 additional tips listed on InvestingPro for RxSight, which interested parties can explore for deeper analysis. To enhance your investing strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
Investors may also note that RxSight operates with a moderate level of debt and has liquid assets that exceed its short-term obligations, suggesting a degree of financial stability as it moves forward with its expansion plans. With these insights, RxSight's public offering presents an opportunity for investors to engage with a company that is making significant strides in its sector.
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